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Boom & Bust: Gas Prices Hit New Low

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DALLAS-This might be the Christmas miracle we were all waiting for, cheap gas prices!

Over the past few months, we've seen the prices at the pump plummet; from over $3 to a state average of $2.48.

Hey, folks in San Antonio are having a real fiesta as gas prices hit $1.99 over the weekend.

As holiday road trippers get ready to hit the road, they'll really have something to get pumped over!

"We've been going a couple places now because the prices are so low, really just enjoying life with it right now," said De’Angela Hunter.

Liking the good deals?? You can thank a booming U.S. oil production.

But while it might seem like we're striking it big at the pump, the oil and gas industry is going bust over this boom.

Oil giant BP announced it will downsize some mid-level supervisors and back-office positions due to the low cost of oil.

"I think it's unfortunate that it happened but everybody else been suffering for a long time with the gas prices being high so now it’s time for the roll to be reversed," said Ivan Williams.

Talk about putting crude back in crude oil!

Not to worry, just like death and taxes, one thing is inevitable, gas prices always go back up!!

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