COPPELL, Texas (Big 2/Fox 24) – The statewide gas price average in Texas is $2.59 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch.
That price is three cents less than on this day last week and is four cents less per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $2.76 while drivers in San Antonio are paying the least at $2.45 per gallon.
The national average price for a gallon of regular unleaded is $2.88, which is one cent less than this day last week and four cents more than the price per gallon at this same time last year.
While gasoline demand remains robust, gasoline inventories built for the first time since early February, which was a surprise, and contributed to a very small drop in gas price averages.
Twenty-seven states saw gas prices decrease or hold steady on the week. Texas has not seen its statewide average decrease since the beginning of February, when the average for a gallon of regular unleaded was $1.97.
“The statewide gas price average for Texas decreased for the first time since the beginning of February,”said Daniel Armbruster, AAA Texas/AAA New Mexico spokesperson. “While the price is slightly lower compared to last week, it’s not likely this will be a long-lasting trend as demand for gasoline remains robust and summer driving season is right around the corner.”
An all-time record high for domestic crude production last week — at 12.3 million barrels per day — contributed to the substantial growth in U.S. crude stocks, which likely also was a reason crude oil saw losses on the stock market.
Market observers will look to see if the growth in crude stocks continues ahead of summer In related news, Baker Hughes, Inc. reported that the U.S. gained two oil rigs last week.