Monday, May 20, 2013 | 9:48 a.m.
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Updated: 12:05 a.m. Tuesday, Nov. 11, 2008 | Posted: 7:50 p.m. Wednesday, Oct. 29, 2008
EL PASO, Texas —
Many El Pasoans looking for a deal lined up at Rudy's Bar-B-Que Wednesday afternoon. Regular unleaded gas sold for $2.48 a gallon, the cheapest in El Paso according to Elpasogasprices.com.
"Right now $2.48 feels a lot better than paying $3.80 or $3.90," said Michael Perez, of the Lower Valley.
The pumps at the Lower Valley eatery stayed busy all day. Many drivers were excited to see the price.
"It's better than anywhere I know," said Monica Lara, of east El Paso.
While $2.48 might seem like a deal to El Pasoans, drivers in Dallas are averaging $2.26 and in San Antonio, $2.19 at the pump.
"There's less pressure to lower prices where economic activity is stronger, and right now economic activity in El Paso is out-performing what is observed elsewhere in the country," said Tom Fullerton, economics professor at UTEP.
In other words, demand is up in the Sun City compared with other parts of the country. Gas retailers in town don't have a surplus of inventory, or the need to lower prices.
"I think it should be fare all around. There should be more regulations to keep them fair across the state and nation," said Perez.
Six-months ago, El Paso's gas price average was 20 cents lower than the national average.
"What was observed earlier this year was situations where local gasoline stocks where not depleted as they were elsewhere, and as a consequence we enjoyed the period of lower prices," said Fullerton. It was during the time Hurricane Ike was causing gas shortages in the southeast.
But for the average Joe, every cent counts. "I'm a manager at a pizza business where we comp our drivers (for gas), so lowering gas prices helps me and my store," said Perez.
"Wherever gas is the cheapest, I go," said Lara.
Fullerton said gas prices will likely continue to decline, and if the price of crude oil falls so will gas prices.
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