AAA Texas: Gas Price Fluctuations Possible as Near Record-Breaking Thanksgiving Travel Period Approaches

Local News

(AAA) – The statewide gas price average in Texas is $2.26 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch.

That price is the same as 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 $2.41 while drivers in Tyler and Victoria are paying the least at $2.16 per gallon.

The national average price for a gallon of regular unleaded is $2.59, which is two cents less compared to this day last week and one cent less than the price per gallon at this same time last year.

An increase in gasoline stocks amid rising demand helped to keep prices in most Texas cities from increasing week-to-week.

However, AAA forecasts that 3.8 million Texans, the most since 2005, will drive 50 miles or more away from home this Thanksgiving. With an increase in automobile travel volume, demand for retail gasoline will likely rise and that could cause pump prices to fluctuate through the remainder of the month.

“AAA anticipates the second-highest automobile travel volume on record for the upcoming Thanksgiving holiday period, which will likely cause demand for retail gasoline to increase,” said Daniel Armbruster, AAA Texas spokesperson. “If demand continues to rise, price fluctuations are possible through the end of November.”

Regional refinery utilization jumped to 89.7% according to the Energy Information Administration’s latest data.

That is the highest rate for any region in the country. With the increase in utilization, gasoline stocks increased to 78.5 million.

This combination helped to stave off price increases for many Texas cities, this week.

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 This material may not be published, broadcast, rewritten, or redistributed.

More Energy

More BorderReport

Don't Miss

More Don't Miss