AAA Texas: Gas prices sinking amidst rising crude oil costs after war in Israel

SAN ANTONIO (KTSA News) — It may be hard to predict where gas prices go moving forward, but for right now prices are falling across Texas, and that includes San Antonio.

In the Alamo City, the average price for a gallon of regular unleaded was $3.01 as of Thursday morning. This marks a 19-cent drop from last week’s price, and it is 20 cents lower than what drivers were paying one year ago at this time.

“Texas gas prices are on a downward trend, which is typical for this time of year,” said Daniel Armbruster, AAA Texas spokesperson. “Gasoline supplies are growing while demand starts to fade. If this trend continues, drivers can expect seasonal savings at the pump.”

The statewide gas price average in Texas is $3.14 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is 16 cents less than on this day last week and is 18 cents less per gallon compared to this day last year.

Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.44 per gallon while drivers in the Sherman/Denison and Abilene metro areas are paying the least at $2.97 per gallon.

Gas prices in Texas dropped for the fourth consecutive week. Falling demand and growing supply are helping to fuel the decline in retail gas prices. This trend comes as crude oil prices jumped following the attack on Israel by Hamas. Neither Israel nor the Palestinian territories are major oil producers. Still, analysts note that markets are concerned that any ripple effects of the conflict could impact some of the region’s major producers, including Iran, triggering a drop in global oil supply.

Drivers in Texas are paying the third lowest gas price average in the country, according to gasprices.aaa.com. Meanwhile, drivers in California are paying the most at $5.70 on average for a gallon of regular unleaded.

The national average price for a gallon of regular unleaded is $3.65, which is 12 cents less when compared to this day last week and 27 cents less than the price per gallon at this same time last year.