Austin Texas Real Estate Blog

It has been a long journey over the past year in regard to the price at the pump. Over the summer, many states were hovering just above or below the $4 mark. People began to carpool more and fill up less. The cars have gotten smaller, and the MPG has gotten larger. Families held off vacations. The cost of fuel made its way into everything we did, and everything we bought. It was no different in Austin.

The most recent gas prices in the Austin and Round Rock area are now right around $2 per gallon. It is a far cry from July, and it is going in the right direction. A barrel of gas over the summer was well above $100, which in turn increased the price at the pumps. Today, a barrel is about $60. This difference could mean a savings of about $125 billion, but for many it is still not enough to make them feel secure.

While gas is going in the right direction, the overall economy is on very shaky legs. The job market in much of the country has become stressed. Many people are concerned for their jobs, and even more are concerned about their retirement. Saving money at the pump is a welcome change, but it has not as of yet changed many people’s outlook. A few years ago, we may have used the money saved to really splurge on the holidays. Today, we are putting it away for later. The price per barrel is expected to decline, and the gas pump signs should continue to go down.