MIDLAND, Texas — Gas prices are seeing a drop this month, down in Midland by around 47 cents and nearly a dollar in Odessa.
"I think I’m happy they’ve gone down. It was pretty expensive for people to fill up a tank of gas so any price that goes down definitely is helpful," said Ramiro Baiza.
These numbers are something that those at the pump are happy to pay.
"Save money and you can spend it as well," said Baiza. "I’m hoping they get back down to what they were a year ago."
A year ago, we were paying around $3.00 for a gallon of gas, which is well below what we are paying now. These costs do impact our local companies.
"But even out here when gas prices are high that can still harm and prevent companies from growing because they’ve got to pay fuel costs as well," said Stephen Robertson, Executive Vice President of Permian Basin Petroleum Association.
He does say that despite the price of gas and oil being down right now, we shouldn't be worried about our production here at home.
"But where we’re at right now is we’re seeing the price of gas is coming down because the price of crude oil is coming down but it hasn’t gone down that much," he said.
"And in particular if you look at production numbers in the Permian Basin the U.S energy information agency is showing that Permian Basin production is going to continue to tick up," Robertson said.
Which works in the favor of workers here in the Permian Basin.
"The good thing is that work is going to continue. Demand for what we produce for the foreseeable future is going to continue to grow because what we do out here. We do better and more efficient than any other place," said Robertson.
As for what gas prices will continue to look like, it's simply something that can't be determined.
"There’s so many different moving parts that go into it and the reality is it is a global commodity. It’s not just determined in the Permian Basin or Texas and New Mexico. It’s not even determined in the US, it’s determined by what happens around the world," said Robertson.