The statewide gas price average in Texas is $1.97 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is five cents less than this day last week and is 24 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 $2.49 while drivers in Sherman-Denison are paying the least at $1.82 per gallon. The national average price for a gallon of regular unleaded is $2.30, which is six cents less than this day last week and 16 cents less than the price per gallon at this same time last year.
Heading into 2019, gasoline demand is expected to dwindle during the month of January, an expected change following the busy holiday travel season. At the same time, OPEC will begin production cuts on January 1, with hopes that the shift in global supply will push oil prices higher. The effectiveness of the cuts will likely not be known until later in the first quarter.
“Motorists in nine states, including Texas, are enjoying gas prices below $2 per gallon on average,” said Joshua Zuber, AAA Texas/AAA New Mexico spokesperson. “But all eyes will be on whether the OPEC cuts will impact prices in 2019. Many are waiting to see if they stick to their promise to cut crude production by 1.2-million barrels per day and if the proposed cuts will be enough to restore balance to the market.”
Market analysts suggest over the past few years, OPEC, and partnering countries, have demonstrated a strong resolve to comply with proposed cuts in production. It is likely that the cartel will reconvene in April, and if there is a need to further balance global supply and demand, OPEC will likely tweak current production numbers at that meeting.
Prices up to date at press time using market prices posted at 3:41 a.m. Motorists can find current gas prices along their route with the free and revamped AAA App for iPhone, iPad and Android. The app can also be used to map a route and learn traffic conditions along that route, find discounts, locate parking, book a hotel and request and track AAA roadside assistance. Learn more at www.AAA.com/mobile.
To help members and non-members identify quality auto repair shops that can assist in the maintenance and repair of their vehicles, AAA offers the Approved Auto Repair program as a free public service. AAA-approved repair facilities meet and maintain high professional standards for training, equipment, cleanliness and customer service. Motorists can look for the Approved Auto Repair sign at local auto repair facilities, or search for a nearby AAA-approved shop online at AAA.com/Repair. AAA Texas branch offices throughout the state can be found by visiting www.AAA.com. Follow AAA Texas on Twitter: @AAATexas and Facebook: www.facebook.com/AAATexas. Find additional news from AAA Texas in our online newsroom at http://tx-aaa.iprsoftware.com/