PERMIAN BASIN (KMID/KPEJ) – Local gas prices continue to drop across the Basin, with Ector County sitting at an average of $2.98 and Midlanders paying a little more at $3.05.
Andrews County is showing $3.01 per gallon, while Howard County dipped decently far below $3, sitting at $2.94.
Oil prices are also continuing to take a dip. Currently, a barrel of oil is sitting at $75.59 which is a big drop from last month’s high of $89 a barrel.
Texas State Proposition Seven passed Tuesday night. The Texas Constitutional Amendment will be establishing the Texas Energy Fund, the priciest item on the ballot on Election Day.
The bill states that the Texas Energy Fund would support the construction, maintenance, and operation of electric generating facilities. The Public Utility Commission of Texas will oversee that fund, with $10 million just added.
The biggest chunk of money, however, $7.2 million will go to loans and incentives to power companies, to build natural gas plants in the Lone Star State.
The rest of the money will be set aside for energy resilience projects at the facilities that need it most. This plan was drawn up after the Texas power grid failed and as lawmakers continue to look for solutions.