Gas prices in Texas are monitored this week. According to the latest AAA Texas Weekend Gas Watch report, the average cost of a gallon of regular unleaded gasoline is $2.69. This figure reflects a one-cent increase compared to last week, though it remains a notable 18 cents lower than last year.
While the statewide average may provide some relief for drivers, there is still significant regional variation in fuel prices. El Paso drivers currently face the highest gas prices in the state, paying an average of $2.96 per gallon. In contrast, Abilene residents enjoy the lowest prices, with the average cost at just $2.50 per gallon.
National Trends: Texas Remains Below Average
Compared to national figures, Texas drivers are benefiting from a considerably lower gas price average. The current cost of a gallon of unleaded gas is now $3.23, which is two cents lower than last week and 30 cents cheaper than this time last year. According to AAA Texas, Texas ranks third among the states with the lowest gasoline prices, ranking third most affordable across the nation.
Daniel Armbruster, a spokesperson for AAA Texas, highlighted the state’s advantageous position, saying, “Texans are paying some of the lowest gas prices in the country again this week.” Multiple factors, including crude oil prices and gasoline stock levels, contribute to this steady affordability.
Market Factors Influencing Gas Prices
Several market elements contribute to the recent trends in fuel pricing. The U.S. Energy Information Administration (EIA) noted a rise in refined gasoline stock levels compared to the previous week, a factor that usually contributes to stabilizing prices. At the same time, fuel demand saw a slight drop, likely due to seasonal changes and economic conditions. Together, these factors are helping to keep prices relatively stable in Texas.
Crude oil, the primary ingredient in gasoline, also plays a key role. Over the past year, crude oil prices have dropped 7%, which has helped curb overall gasoline costs. Lower crude oil costs generally translate to savings for consumers at the pump, a trend that has kept Texas gas prices below the national average.
What’s Ahead for Texas Drivers?
With Texas already ranked among the cheapest states for fuel, local drivers can anticipate modest gas price fluctuations soon. Broader economic conditions, global oil production, and refining capacity will continue to influence supply and demand. The stable gas price environment offers some relief to Texas drivers as they prepare for holiday travel, knowing they’ll likely be paying less than many Americans.
As Texans fill up their tanks, they can take some comfort in knowing they are paying one of the lowest rates in the country. While minor price shifts are expected week-to-week, current market conditions appear favorable for Texas motorists.