Gas prices fall while supplies increases in new AAA Texas report
WACO, Texas (KWTX) - The demand for gas has dipped down as prices keep falling but there’s still an increase in supplies.
The statewide gas price average in Texas is $4.14 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch.
That price is 19 cents less than on this day last week and is $1.31 more per gallon compared to this day last year.
Of the major metropolitan areas surveyed in Texas, drivers in Bryan/College Station are paying the most on average at $4.27 per gallon while drivers in Laredo are paying the least at $3.79 per gallon.
The national average price for a gallon of regular unleaded is $4.60, which is 15 cents less when compared to this day last week and $1.45 more than the price per gallon at this same time last year.
According to the latest information from the U.S. Energy Information Administration, demand for gasoline dropped by around 14% this prior week after a very busy Independence Day Holiday weekend.
Regional gasoline supply also increased. Helping further decrease the cost of retail fuel are falling crude oil prices, which have been below $100 the past few days as market analysts weight concerns about a possible economic slowdown.
“The statewide price average for a gallon of regular unleaded fuel has dropped 56 cents per gallon since the record-high set in June,” said AAA Texas spokesperson Daniel Armbruster. “Regional fuel supply levels have increased, and crude oil prices have dipped recently due to concerns of a possible economic slowdown. Nonetheless, demand for leisure travel remains strong as July is one of the most popular months for vacation road trips in the U.S.”
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 $5.99 on average for a gallon of regular unleaded.
Copyright 2022 KWTX. All rights reserved.