The statewide gas price average in Texas is $3.09 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is three cents less per gallon than it was on this day last week and is $1.00 less per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.29 per gallon while drivers in Victoria are paying the least at $2.91 per gallon. The national average price for a gallon of regular unleaded is $3.54, which is three cents less when compared to this day last week and 86 cents less than the price per gallon at this same time last year.
Crude oil prices are back above $70 a barrel, so drivers may notice pump prices creeping up again in some areas. There are several market forces at play which are influencing oil and gas prices. Driving up costs is the latest reading from the U.S. Energy Information Administration which showed demand returning to summer-like levels across the country. Regional stockpiles of gasoline declined slightly. On the other hand, the energy industry is watching how higher interest rates, inflation and the looming debt ceiling debate could impact demand for fuel products.
“The Memorial Day holiday is just around the corner, and the good news for many drivers – prices have come down recently,” said AAA Texas spokesperson Daniel Armbruster. “However, with the holiday weekend expected to be very busy, prices may start to rise and already have in some metro areas, though fuel price averages are much cheaper than at this same time last year.”
Drivers in Texas are paying the third lowest gas price average in the country, according to gasprices.aaa.com. Meanwhile, drivers in California are paying the most at $4.81 on average for a gallon of regular unleaded.