Chevron Says Low Gas Prices Are Due to Cheap Crude Oil

We’ve all noticed the drop in prices at the pump, but what is making those prices go down? The answer: the price of crude oil.

Crude oil is the source of what refineries make into gasoline for our vehicles. Right now, the price of that crude oil is low, which translates into low gas prices. Chevron Refinery officials tell News 25 what affects the price of crude is its availability and its production locally.

Alan Sudduth, Public & Governmental Affairs Manager for Chevron, says, “But what we can see is the increase in technology. The advancement of technology has resulted in the increase in production here domestically, and as we’ve been able to generate more crude oil here in the United States, we’re able to better control the price of crude and keep it at a price that makes us competitive.”

Chevron officials say it’s tough to forecast what the price of crude will be and how long it will stay low.

Categories: Local News, News