AAA Texas: Record Supply Forces Gas Prices Down Further

Local News

(AAA) – The statewide gas price average in Texas is $2.16 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 18 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 $2.41 while drivers in Sherman/Denison are paying the least at $2.02 per gallon.

The national average price for a gallon of regular unleaded is $2.49, which is five cents less compared to this day last week and 23 cents more than the price per gallon at this same time last year.

All cities surveyed by AAA Texas have fuel price averages below the national average. Gas prices have continued to drop over the last week as gasoline stocks grew again, measuring at 260 million barrels, nationally– the highest stock level ever recorded by the Energy Information Administration (EIA) since it began recording the data in 1990.

Regionally, supplies saw a third week of stock builds. EIA data reports the South and Southeast region saw a build of 1 million barrels, measuring total stocks at 95.3 million barrels. That is the highest regional stock level on record since the EIA began keeping track.

“Gasoline stocks are at their highest level since tracking began in 1990,” said AAA Texas spokesperson Daniel Armbruster. “As supplies continue to build, demand remains low, forcing gas prices down even further.”

The recent stock builds will likely drive gas prices cheaper for motorists across the region amid lower winter gas demand.

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