(AAA) – The statewide gas price average in Texas is $2.01 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is nine cents less than this day last week and is 25 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 $2.22 while drivers in Sherman/Denison are paying the least at $1.88 per gallon.
The national average price for a gallon of regular unleaded is $2.32, which is nine cents less compared to this day last week and 17 cents less than the price per gallon at this same time last year.
The Texas statewide gas price average has not been this low since mid-February 2019. A lack of agreement between Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries to cut production and concerns about the coronavirus have caused crude oil prices to plunge, forcing retail gas prices to new 2020 lows.
“Texas gas prices are at their cheapest point in more than a year,” said AAA Texas spokesperson Joshua Zuber. “Gas prices usually increase in the spring due to an increase in demand and lower supply, but this year drivers could continue to see lower prices amid concerns over the coronavirus and impacts to global demand.”
Regional stock levels have steadily declined for several weeks. However, with crude oil prices making up 60 percent of what drivers pay at the pump, if they continue to remain lower, motorists will likely continue to see savings when filling up.