AAA Texas: State gas price average holds steady, downward trend possible as crude oil prices tumble
SAN ANTONIO (KTSA News) — With a few more days remaining during Spring Break, the average price for regular unleaded across Texas has remained the same over the last week.
The statewide average is $3.06 for a gallon of regular, which matches the price posted a week ago at this time. According to AAA Texas Weekend Gas Watch, the current average price for regular is 92 cents less per gallon than last year’s average of $3.98.
San Antonio has seen a slight increase in gas prices over the last week, going from $3.05 to $3.09, but more metropolitan areas across the state saw prices go down over the last week, as opposed to the other way around.
“If crude oil prices keep falling, retail gas prices will likely drop,” said AAA Texas spokesperson Daniel Armbruster. “However, we’ll have to wait and see how much impact cheaper crude could have as the switchover to the more expensive summer-blend gasoline is taking place.”
Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.33 per gallon while drivers in Abilene are paying the least at $2.94 per gallon.
The national average price for a gallon of regular unleaded is $3.46, which is one cent less when compared to this day last week and 84 cents less than the price per gallon at this same time last year.
Crude oil prices fell significantly Wednesday after a few regional banks issues have caused concern for investors when it comes to fuel demand outlooks. Prices for a barrel of crude have been as high as $80+ last week, now sitting at just around the mid-$60s mark at the time of this report. Falling crude oil prices may lead to some relief at the pump in the coming days or weeks as spring break travel is underway.
Drivers in Texas are paying the fourth lowest gas price average in the country, and you can check the entire breakdown by clicking here.
Meanwhile, drivers in California are paying the most at $4.88 on average for a gallon of regular unleaded.