The statewide gas price average in Texas is $2.69 per gallon for regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is one cent less compared to this day last week and is three cents more 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 $2.84 per gallon while drivers in Lubbock are paying the least at $2.52 per gallon. The national average price for a gallon of regular unleaded is $3.10, which is three cents more when compared to this day last week and three cents more per gallon when compared to this day last year.
The Energy Information Administration (EIA) has released its latest report, highlighting a downward trend in gasoline demand alongside an increase in supply levels. This would normally lead to even lower gas prices. However, something to keep an eye on is rising crude oil prices. West Texas Intermediate (WTI) crude is up $6 per barrel since the start of the year. As the primary component of fuel, crude oil constitutes approximately 50% of the cost of each gallon of gasoline. The increase in crude oil prices could potentially mean higher gas prices in Texas as we enter the second half of January.
