Gas Prices Drop to Record Thanksgiving Low, Impact Felt Across B - KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com |

Gas Prices Drop to Record Thanksgiving Low, Impact Felt Across Basin

MIDLAND-ODESSA, TX (KWES) -

The average retail price of unleaded gasoline dipped Monday to $2.14 a gallon, analysts said, and is expected to fall below $2 by Thursday.

The last time gas was that cheap on Thanksgiving was 2004, according to Oil Price Information Service.

Prices throughout Midland and Odessa have already plunged as low as $1.75, but drivers NewsWest 9 spoke with said savings at the pump are "insignificant" in the face of dwindling oil field activity

"I'd rather pay more out here [at the gas station] and see crude prices go back up," said Corey Matthews, a water transfer worker in the oil and gas industry. "This is good for people who don't work in the oil field... but my work has lost about 40 people just this year."

He added he felt "lucky" to still have a job and said he remained confident oil prices would recover in the coming months.

"It's always up and down like this," Matthews told NewsWest 9.

Experts, however, said Monday they expect the excess of global crude - blamed for dragging prices down after earlier gains - to persist "through at least the first half of 2016."

Midland driver Don Beaver reported hearing "lots of different predictions" for the future of the fluctuating energy market.

"What I know for sure is it affects all of us [in West Texas]," he said. "Certainly here in the Permian Basin, we'd like to see oil prices go back up. I know that's counterproductive to what a lot of other people [want], but for us and our local economy, we certainly could use it."

Numerous West Texas industries far beyond and seemingly unconnected to oil have been impacted by plunging crude prices, residents noted.

"It seems like out here, even McDonald's factors [in] oil prices," Katrina Smith said. "It's hard to say what business wouldn't be impacted."

She and her family run Lightning Oilfield Services, a rig moving company based in Midland. Their business unexpectedly boomed during the latest downturn, Smith said.

"We are probably the busiest we have ever been, even despite all the prices dropping... because [smaller competitors] have closed," she explained. "But it's really sad to see some of the people you know [and have] been friends with to go out of business."

  • NewsMore>>

  • Gunman in Trader Joe's standoff was feuding with grandmother

    Gunman in Trader Joe's standoff was feuding with grandmother

    Sunday, July 22 2018 8:49 AM EDT2018-07-22 12:49:27 GMT
    Monday, July 23 2018 1:25 AM EDT2018-07-23 05:25:44 GMT
    (AP Photo/Damian Dovarganes). Los Angeles Police SWAT officers escort a group of people who were held for their safety by police across businesses surrounding a Trader Joe's supermarket, after a gunman held dozens of people hostage inside the store bef...(AP Photo/Damian Dovarganes). Los Angeles Police SWAT officers escort a group of people who were held for their safety by police across businesses surrounding a Trader Joe's supermarket, after a gunman held dozens of people hostage inside the store bef...

    Police say they're trying to determine what prompted a man to shoot his grandmother and then run into a busy Los Angeles supermarket and hold dozens of people hostage for hours.

    Police say they're trying to determine what prompted a man to shoot his grandmother and then run into a busy Los Angeles supermarket and hold dozens of people hostage for hours.

  • UPDATE: Barricaded suspect in custody, scene being cleared

    UPDATE: Barricaded suspect in custody, scene being cleared

    Scene of the barricaded subject situation (Source: KWES)Scene of the barricaded subject situation (Source: KWES)

    UPDATE: Officials tell us that the barricaded subject is now in custody. 

    UPDATE: Officials tell us that the barricaded subject is now in custody. 

  • Survivor recounts boat accident that killed 9 family members

    Survivor recounts boat accident that killed 9 family members

    Saturday, July 21 2018 12:18 AM EDT2018-07-21 04:18:54 GMT
    Sunday, July 22 2018 7:18 PM EDT2018-07-22 23:18:49 GMT
    (AP Photo/Charlie Riedel). People pray outside Ride the Ducks, an amphibious tour operator involved in a boating accident on Table Rock Lake, Friday, July 20, 2018 in Branson, Mo.(AP Photo/Charlie Riedel). People pray outside Ride the Ducks, an amphibious tour operator involved in a boating accident on Table Rock Lake, Friday, July 20, 2018 in Branson, Mo.

    More than half of the 17 people killed when a tourist boat sank on a Branson lake were members of the same Indiana family, and they likely wouldn't have been on the ill-fated trip but for a ticket mix-up.

    More than half of the 17 people killed when a tourist boat sank on a Branson lake were members of the same Indiana family, and they likely wouldn't have been on the ill-fated trip but for a ticket mix-up.

Powered by Frankly