The statewide gas price average in Texas is $2.74 per gallon for regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is the same as this day last week and is eight cents less per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in the El Paso area are paying the most on average at $2.89 per gallon while drivers in Laredo are paying the least at $2.61 per gallon. The national average price for a gallon of regular unleaded is $3.12, which is one cent less when compared to this day last week and the same price per gallon when compared to this day last year.
According to the Energy Information Administration (EIA), regional gasoline production has seen a week-to-week increase. The Gulf Coast region's gasoline supply has reached its highest point since June 2020, with stocks at 91.6 million barrels. Analysts attribute some of this build-up to last week’s winter weather, which prevented the export of 231,000 barrels.
At the time of this release, crude oil prices have decreased by approximately $1.50 per barrel compared to a week ago. The combination of increasing fuel supplies and lower crude oil prices could potentially lead to lower fuel prices, though fluctuations remain possible.
“The Texas gas price average fluctuated some this week, but is back to the exact same price as a week ago,” said Daniel Armbruster, AAA Texas spokesperson. “Compared to the start of the month, fuel price averages are slightly higher. Prices will likely continue to fluctuate into February.”
