AAA Texas: Gas Prices Falling; Year-to-Year Price Gap Tightens

Local News

(AAA) – The statewide gas price average in Texas is $2.08 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is three cents less than this day last week and is 10 cents more 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 $2.34 while drivers in Sherman/Denison are paying the least at $1.92 per gallon. The national average price for a gallon of regular unleaded is $2.43, which is two cents less compared to this day last week and 16 cents more than the price per gallon at this same time last year.

Texas gas prices may be 10 cents more expensive than last year, but that price gap has been shrinking steadily.

It’s the smallest year-over-year difference seen in two months. It is a similar story on a national scale where the price gap year-over-year is also dwindling. Plus, many gas stations are seeing sub $2 per gallon for regular unleaded across the Lone Star State. The last time AAA Texas reported gas prices below $2 a gallon for the whole state was back in January 2019.

“Gasoline stocks persist at a healthy level and demand remains at winter-like readings which is leading to lower gas prices,” said AAA Texas spokesperson Daniel Armbruster. “Market analysts will be watching closely, however, to see if the Organization of the Petroleum Exporting Counties (OPEC) will cut crude production due to the impact of the coronavirus on global oil demand.”

The South and Southeast regions boast the some of the least expensive gas prices averages in the country except for Florida.

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