Cheaper Crude Oil Causes Gas Prices to Keep Falling

However, several factors could force pump prices back up

Coppell, TX Gas Prices, Monthly Fuel Prices Report, Weekly Fuel Prices Report
GAS PUMP

The statewide gas price average in Texas is $2.45 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is six cents less than on this day last week and is 31 cents less per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $2.70 while drivers in McAllen are paying the least at $2.25 per gallon. The national average price for a gallon of regular unleaded is $2.78, which is four cents less than this day last week and 16 cents less than the price per gallon at this same time last year.

This year, the most expensive West Texas Intermediate (WTI) crude oil prices, which AAA Texas tracks to understand impact on pump prices, have ranged between $65 and $66/bbl. Most recently WTI crude fell as low as $51 per barrel. That is cheaper than last summer when prices ranged between $65 and $73 per barrel. The price of crude is a driving factor when it comes to retail gasoline prices, accounting for nearly 60% of the price drivers see at the pump year-round. While crude prices have been cheaper this year, AAA Texas is monitoring a number of circumstances that could cause crude oil market prices to increase. This includes reductions in global and domestic crude supply, exports, and U.S. gasoline demand.

“With most refineries operating at normal levels, demand at robust rates, and cheaper crude oil prices, summer gas prices are poised to remain lower than last year,” said Daniel Armbruster, AAA Texas spokesperson. “Texans are paying 31 cents less per gallon, on average, for regular unleaded gasoline compared to this time last year. However, as Texans settle into summer, many outliers could pave the way for unexpected price bumps, so stayed tuned.”

For domestic gasoline demand, summer 2019 has been forecasted to reach some of the highest levels on record in the U.S. Meanwhile, domestic gasoline stocks are at their lowest level going into June since 2016. If demand rises while gasoline stocks remain low, pump prices could see modest increases, especially if supply is tight in local markets. On the other hand, gas demand could fall, as we’ve seen in recent weeks due to inclement weather from the Rockies to the Midwest and South.

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.

To help members and non-members identify quality auto repair shops that can assist in the maintenance and repair of their vehicles, AAA offers the Approved Auto Repair program as a free public service. AAA-approved repair facilities meet and maintain high professional standards for training, equipment, cleanliness and customer service. Motorists can look for the Approved Auto Repair sign at local auto repair facilities, or search for a nearby AAA-approved shop online at AAA.com/Repair. AAA Texas branch offices throughout the state can be found by visiting www.AAA.com. Follow AAA Texas on Twitter: @AAATexas and Facebook: www.facebook.com/AAATexas. Find additional news from AAA Texas in our online newsroom at http://tx-aaa.iprsoftware.com/.

Area

06/06/2019

Week Ago

Week Ago Difference

Year Ago

Year Ago Difference

Date

Record Price

National

$2.78

$2.82

-0.04

$2.94

-0.16

07/17/08

$4.11

Texas

$2.45

$2.51

-0.06

$2.76

-0.31

07/17/08

$3.98

Abilene

$2.56

$2.59

-0.03

$2.89

-0.33

   

Amarillo

$2.47

$2.53

-0.06

$2.67

-0.20

07/15/08

$4.01

Austin-San Marcos

$2.43

$2.48

-0.05

$2.72

-0.29

07/17/08

$3.97

Beaumont-Port Arthur

$2.46

$2.51

-0.05

$2.69

-0.23

07/16/08

$4.00

Brownsville-Harlingen

$2.29

$2.37

-0.08

$2.64

-0.35

   

College Station-Bryan

$2.48

$2.53

-0.05

$2.75

-0.27

   

Corpus Christi

$2.31

$2.38

-0.07

$2.68

-0.37

07/15/08

$3.96

Dallas

$2.41

$2.51

-0.10

$2.83

-0.42

07/16/08

$3.98

El Paso

$2.64

$2.57

+0.07

$3.03

-0.39

07/17/08

$3.97

Fort Worth-Arlington

$2.41

$2.50

-0.09

$2.82

-0.41

07/16/08

$3.97

Galveston-Texas City

$2.51

$2.57

-0.06

$2.77

-0.26

07/14/08

$3.97

Houston

$2.49

$2.55

-0.06

$2.75

-0.26

07/17/08

$3.96

Killeen-Temple-Fort Hood

$2.42

$2.47

-0.05

$2.71

-0.29

   

Laredo

$2.32

$2.36

-0.04

$2.67

-0.35

   

Longview

$2.44

$2.50

-0.06

$2.70

-0.26

   

Lubbock

$2.50

$2.52

-0.02

$2.70

-0.20

   

McAllen

$2.25

$2.34

-0.09

$2.64

-0.39

   

Midland

$2.70

$2.76

-0.06

$3.10

-0.40

   

Odessa

$2.66

$2.72

-0.06

$3.05

-0.39

   

San Angelo

$2.44

$2.54

-0.10

$2.80

-0.36

   

San Antonio

$2.30

$2.36

-0.06

$2.68

-0.38

07/16/08

$3.96

Sherman-Denison

$2.31

$2.42

-0.11

$2.68

-0.37

   

Texarkana

$2.39

$2.47

-0.08

$2.65

-0.26

07/16/08

$3.98

Tyler

$2.34

$2.40

-0.06

$2.66

-0.32

   

Victoria

$2.37

$2.43

-0.06

$2.68

-0.31

   

Waco

$2.43

$2.47

-0.04

$2.70

-0.27

   

Wichita Falls

$2.50

$2.55

-0.05

$2.64

-0.14

   

Media Contacts

Daniel Armbruster
Corporate Spokesperson , AAA Texas
512-564-3141
armbruster.daniel@aaa-texas.com
Joshua Zuber
AAA Texas

713-533-2946
zuber.joshua@aaa-texas.com