The statewide gas price average in Texas is $2.70 per gallon for regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is four cents more compared to this day last week and is two cents more per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in the Midland area are paying the most on average at $2.89 per gallon while drivers in Lubbock are paying the least at $2.50 per gallon. The national average price for a gallon of regular unleaded is $3.07, which is the same price when compared to this day last week and one cent less per gallon when compared to this day last year.
According to new data from the Energy Information Administration (EIA), gasoline demand rose from 8.16 million b/d last week to 8.48. Meanwhile, total domestic gasoline stocks soared from 231.4 million barrels to 237.7, while gasoline production decreased last week, averaging 8.9 million barrels daily.
The EIA also reported that the United States produced more crude oil than any other nation in the six years 2018-2023. Last year's numbers are still being crunched, but the trend will likely continue. Crude oil production in the United States averaged 12.9 million barrels per day in 2023, breaking the previous U.S. and global record of 12.3 million in 2019. The EIA says the 2023 oil production record is unlikely to be broken by another country anytime soon.
