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Prediction of gas prices at the pump

“Historically, I think we will see very affordable prices at the pump. If you see the price oil increasing some in 2020,” Todd Staples said.

SAN ANGELO, Texas —

In 2019, San Angelo Chamber of Commerce's Economic Development Division reported that $216 million was generated in economic capital investment from the energy sector.  

Jobs including transportation, catering, equipment manufacturing and other service-related skills, just to name a few, are all related to the oil industry, even as San Angelo isn't necessarily a city where oil is produced.  

“San Angelo acts as a hub, for the manufacture of equipment that’s used in the Permian Basin and it’s a hub for a lot of the crews that run oilfield services operations,” Michael Looney, the Chamber's vice president of economic development, said.

Looney said even if production of oil and gas were to slow down in 2020, service jobs would remain stable in the Concho Valley.

When it comes to prices at the gas pump, Texas Oil and Gas Association President Todd Staples, said, “Historically, I think we will see very affordable prices at the pump. If you see the price oil increasing some in 2020.” 

A big reason for that, according to Looney, is the efficiency of crude oil to refineries in the state.

“And, it’s those efficiencies that make U.S gas prices fairly low, and so that not really going to negatively impact your price at the pump hardly at all,” Looney said.

Staples agrees with prices at the pump not jumping up.

“Historically, I think we will see very affordable prices at the pump. If you see the price oil increasing some in 2020,” he said.

However, other international events can still impact oil and gas prices.

“The trade war with China has been impactful, we know that the tariffs have been impactful, so all of these things influence consumers for products and a lot of this is going to have to balance out,” Staples said.  

Staples said oil and natural gas remain the backbone of the Lone Star state's economy.