Gas Prices Drop Below $3.00 In Sherman - KTEN.com - No One Gets You Closer

Gas Prices Drop Below $3.00 In Sherman

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SHERMAN, TX -- A drop in gas prices just in time for holiday travel has drivers excited, as prices dipped below $3.00 per gallon at many gas stations.

Drivers in Grayson County say they will pay whatever the price is, but this is certainly a help to their wallet. "It doesn't" take as much to fill up my truck now, we have two cars to fill up, and it makes it a lot easier," says Debbie Shearer.

Arkansas resident Travis Fox makes a living competing in fishing tournaments, so he not only fills up his truck, but also a boat. He is glad to see the days of $4 gas in the past. "From New York to Texas and all over the U.S., spending a lot of money on fuel," says Travis Fox. "The drop of a dollar a gallon, that's 25 percent of the cost."

In November, the Labor Department reports gas prices dropped by their sharpest amount in about four years, falling 7 percent. The nationwide average is now around $3.30 per gallon but in Texoma it's much lower, with prices at $2.89 at several gas stations in Sherman and Denison. 

"I guess that sounds like a good deal now, but two or three years ago, that would have been exorbitant," says Kay Brewer.

But this latest drop in prices doesn't reverse the year that was. For the entire year as a whole, the government estimates gas was ten cents higher than last year's record prices.

"It makes it tight, makes it hard, like making our trip to Missouri, it's nice that it's dropped," says Brenda Palmer. The Palmers enjoy visiting relatives and paying less for gasoline means more money to spend along the way.

A combination of high oil prices and supply shortages caused by refinery and pipeline problems are blamed for keeping gas prices elevated for most of the year. The national average hit a high of $3.94 a gallon in early April.