AAA Texas: Drivers Fill Up with Cheapest Gas Prices Since 2016

Local News

(AAA) – The statewide gas price average in Texas is $1.80 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is 11 cents less than this day last week and is 62 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 $2.00 while drivers in Sherman/Denison are paying the least at $1.50 per gallon.

The national average price for a gallon of regular unleaded is $2.07, which is 13 cents less compared to this day last week and 58 cents less than the price per gallon at this same time last year.

As the price of crude oil drops to levels not seen since the early 2000s, gasoline prices are following suit. In Texas, the statewide average has not been $1.80 for a gallon of regular unleaded fuel since 2016. Crude oil is the biggest driver of the less expensive gas prices as it counts for nearly 60% of the price at the pump. Gas prices are dropping at a time of year when they normally increase as the weather warms up and motorists would typically head out to enjoy spring break.

“Demand for both crude oil and retail gasoline continues to decrease as fewer drivers are out on the road, causing gas prices to drop to levels not seen in four years,” said AAA Texas spokesperson Daniel Armbruster. “The primary factors are concerns about coronavirus keeping people home plus Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers still have disagreements about future production figures.”

Motorists do not need to rush to the pumps to fill-up. Currently, there is ample U.S. gasoline supply and no disruption to distribution at gas stations.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

More Energy

BorderReport.com

More BorderReport

Don't Miss

More Don't Miss