The statewide gas price average in Texas is $3.14 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is three cents more than on this day last week and is $1.55 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 $3.39 per gallon while drivers in San Angelo are paying the least at $2.95 per gallon. The national average price for a gallon of regular unleaded is $3.59, which is three cents more when compared to this day last week and $1.42 less than the price per gallon at this same time last year.
Crude oil prices increased last week with news of Saudi Arabia planning to reduce its oil output next month. However, even with interest rate hikes on pause this month, market watchers are still waiting to see if more interest rates could be on the way, which may slow down demand for fuel. Demand remains at summer-like levels, which continues to support the outlook of strong demand for travel over the summer months.
“Many spots around the Lone Star State are noticing slightly higher prices from last week,” said AAA Texas spokesperson Daniel Armbruster. “But, price trends may reverse as crude oil prices fell below $70 a barrel earlier this week.”
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.
