AAA Texas: Gas Prices Take a Tumble Due to Abundant Supply and Low Demand

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 four cents less than this day last week and is 33 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 $2.49 while drivers in Sherman/Denison are paying the least at $2.13 per gallon.

The national average price for a gallon of regular unleaded is $2.57, which is three cents less compared to this day last week and 33 cents more than the price per gallon at this same time last year.

Despite crude oil price fluctuation and growing geopolitical concerns with Iran in recent weeks, gas price averages across the country are falling. Texas drivers are saving at the pump, week-to-week, thanks in large part to a healthy and growing level of regional gasoline stocks along with decreasing demand.

“Increasing gasoline supplies continue to help put downward pressure on pump prices,” said AAA Texas spokesperson Daniel Armbruster. “As long as supplies remain healthy and demand for gas is low, drivers should continue to see lower pump prices.”

According to the Energy Information Administration’s latest report, total gas stocks in the region grew by just over one million barrels to 32.65 million barrels, week-to-week. The current supply level is nearly two million barrels higher than last year’s level at this time, which will likely continue to help prices in the region decline throughout the week.

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