The statewide gas price average in Texas is $1.91 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is 10 cents less than this day last week and is 42 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 $2.11 while drivers in Sherman/Denison are paying the least at $1.71 per gallon. The national average price for a gallon of regular unleaded is $2.20, which is 12 cents less compared to this day last week and 36 cents less than the price per gallon at this same time last year.
Prices at the pump continue to drop amid the lack of agreement between Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries to cut production and concerns about the coronavirus toll on global demand. Drivers in the Lone Star State are seeing big savings at the pump as Texas hasn’t had a statewide gas price average of $1.91 a gallon since January 2019. Across the U.S., while pump prices are cheaper, many Americans are driving less as school is cancelled and many people are working from home. Less demand in the coming weeks could push pump prices even lower if supply increases.
“As demand falls for oil and gasoline, prices are plummeting at the pumps,” said AAA Texas spokesperson Daniel Armbruster. “Concerns about the impact on gasoline demand from coronavirus, and disagreements regarding oil production between OPEC and non-OPEC countries, have been major factors which have pushed prices down.”
Year-over-year, regional stocks are sitting at a deficit. Typically, this could push gas prices more expensive, but its likely motorists in the region will see cheaper gas prices in the week ahead due to market uncertainties associated with the coronavirus.
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.