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Fort Worth customers flock to gas station as prices dip below $3

05:20 PM CDT on Tuesday, October 7, 2008

By DAN X. McGRAW / The Dallas Morning News
dmcgraw@dallasnews.com

A crowded parking lot awaited Saed Hirani when he arrived at the Lancaster Mini Mart on East Lancaster Avenue in Fort Worth this morning.

Video
Saed Hirani knocked 10 cents off the price of a gallon of a regular unleaded gas overnight at his Lancaster Mini Mart in Fort Worth, dropping the price to $2.95 a gallon. After seven months of $3-plus gas across the state, his customers jumped at the cheaper gas. Average prices in Texas are holding at $3.44, but some stations have dropped under the $3 mark. (DMN-Video/editing: Dan X. McGraw)
10/07/2008
Local/State Videos

Overnight, he had knocked 10 cents off the price of a gallon of regular unleaded gas to reach a selling price of $2.95 a gallon.  After seven months of $3-plus gas across the state, his customers were eager to jump at the lower price.

“I am doing it to try to help out the community,” Mr. Hirani said.  “We hope to keep it at $2.95. I am trying my best to put it down [even lower] to help everyone.”

Nationally, gas prices slipped to 3.66 a gallon this week, AAA statistics show.  That is still about 70 cents higher than it was last October, but it marks a significant decline from $4 prices seen over the summer.

In Texas, average prices are holding at $3.44, but some stations have already dipped below the $3 mark, said Dan Ronan, an AAA spokesman.

By 2 p.m. this afternoon, prices at some stations surrounding Mr. Hirani's Lanacaster Mini Mart had also dropped below $3 per gallon.

Many factors influence the cost of gas, including the price of crude oil, prices charged at surrounding stations and the overall state of the economy.  Crude prices have fallen sharply since the summer.  As the economy continues to suffer, station managers will likely continue to react with lower prices, Mr. Ronan said.

“These gas stations are leading the way,” he said. “They are reacting to what the market is telling them to do.”

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