The statewide gas price average in Texas is $3.06 per gallon for regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is three cents less than on this day last week and is 41 cents less per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in El Paso metro area are paying the most on average at $3.23 per gallon while drivers in Lubbock are paying the least at $2.89 per gallon. The national average price for a gallon of regular unleaded is $3.45, which is three cents less when compared to this day last week and 37 cents less per gallon when compared to this day last year.
Electric Vehicle Charging
Today's national average for a kilowatt of electricity at an L2 commercial charging station is 34 cents.
Oil and Gas Market Trends
Crude oil production hit an all-time high of 13.4 million barrels per day. Demand for gasoline dropped by 282,000 barrels per day from the prior week, sitting at 8.967 million barrels per day. Demand may drop again this week given that the heavy rains and flooding in the Southeast from Tropical Storm Debby will likely depress gasoline consumption. Meanwhile, gasoline stocks increased from 223,757 barrels to 225,097. Supply also increased in the Gulf region. Lower demand and growing supply could keep gas prices on the decline in the days to come.
