The statewide gas price average in Texas is $3.06 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is the same price that it was on this day last week and is 92 cents 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 $3.33 per gallon while drivers in Abilene are paying the least at $2.94 per gallon. The national average price for a gallon of regular unleaded is $3.46, which is one cent less when compared to this day last week and 84 cents less than the price per gallon at this same time last year.
Crude oil prices fell significantly Wednesday after a few regional banks issues have caused concern for investors when it comes to fuel demand outlooks. Prices for a barrel of crude have been as high as $80+ last week, now sitting at just around the mid-$60s mark at the time of this report. Falling crude oil prices may lead to some relief at the pump in the coming days or weeks as spring break travel is underway.
“If crude oil prices keep falling, retail gas prices will likely drop,” said AAA Texas spokesperson Daniel Armbruster. “However, we’ll have to wait and see how much impact cheaper crude could have as the switchover to the more expensive summer-blend gasoline is taking place.”
Drivers in Texas are paying the fourth lowest gas price average in the country, according to gasprices.aaa.com. Meanwhile, drivers in California are paying the most at $4.88 on average for a gallon of regular unleaded.
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.