The pros and cons of plummeting oil prices

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

DALLAS, Texas -- This might be the Christmas miracle we were all waiting for, cheap gas prices! Over the past few months, Texans have seen the prices at the pump plummet from over $3 to a state average of $2.48.

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

Those getting ready to hit the road for the holiday season will 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.

If you like the good deals at the pump, then 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 has been suffering for a long time with the gas prices being high, so now it`s time for the roles to be reversed," said Ivan Williams.

Experts in the oil industry predict prices will continue to fall through spring of 2015, but just like death and taxes, one thing is inevitable, gas prices will always go back up!

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.