BRYAN, Texas (KBTX) - As summer comes to a close gas prices have started to fall, even dropping down to $3 a gallon in some parts of Texas, but will the trend last?

According to Eric Lewis, assistant professor with the Department of Public Service and Administration at the Bush School of Public Service, gas prices will likely continue fall over the next few months as people put an end to their summer travel. Lewis said ultimately the price of gas is dependent on what happens in Europe as the war between Russia and Ukraine continues.

“One of the concerns right now is that Russia will not be shipping oil or natural gas to Europe and that could lead to big price spikes in Europe which could potentially affect prices here,” Lewis said.

When the war between Russia and Ukraine first started there was a lot uncertainty that created hesitancy on whether or not to drill new oil wells which pushed prices up, Lewis said.

“Now that that war has kind of settled into this long stalemate, oil producers are more comfortable about this as the new status quo,” Lewis said.

President Biden and the central administration have very little control over the fluctuation in gas prices, according to Lewis.

“We do have a strategic reserve of oil, but that is a very small fraction relative to our total consumption,” Lewis said.

Lewis said gas prices are part of the world market driven by supply and demand, “the invisible hand.”

“There’s not a whole lot that any individual oil producer can do,” Lewis said. “We certainly do have large oil producers that might have a little bit of market power,” Lewis said.

While the foreseeable future of gas prices is unknown Lewis said the rise in prices have caused people to make changes in their consumption whether it’s driving slower or finding ways to smartly conserve their fuel.

To keep up with the lowest local gas prices in go to KBTX.com and look for pump patrol.

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