(AAA) – The statewide gas price average in Texas is $2.10 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is six cents less than this day last week and is 10 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 $2.28 while drivers in Sherman/Denison are paying the least at $1.97 per gallon.
The national average price for a gallon of regular unleaded is $2.41, which is six cents less compared to this day last week and two cents less than the price per gallon at this same time last year.
Healthy stock levels and cheaper crude prices have alleviated pump price pains. However, maintenance season and the upcoming switchover to summer blend could break the downward trend in coming weeks, but we are also watching the impact of the coronavirus and what that could do to demand.
“Gas prices are down week-to-week as well as compared to this time last year,” said AAA Texas spokesperson Daniel Armbruster. “Crude oil prices, which make up 60 percent of what drivers pay at the pump, have been fluctuating due to speculation around the coronavirus and what it will do to global gasoline demand.”
The Energy Information Administration reports that regional stocks fell by 1.4 million barrels, which would normally be a contributing factor to pump price increases. However, given that total stocks measure at very healthy 91 million barrels, the latest stock decline did not negatively impact gas prices.