Pump Price Averages Decrease Again This Week
(Credit: AAA Texas)
The statewide gas price average in Texas is $2.39 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is five cents less than last week and is 39 cents more 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 per gallon at $2.47, while drivers in Amarillo are paying the least at $2.27 per gallon. The national average price for a gallon of regular unleaded is $2.52, which is five cents less than last week and 29 cents higher than the price per gallon at this same time last year. This weekend motorists can find gas for $2.50 or less at 56 percent of gas stations in the country.
At $2.52, the national gas price average is five cents cheaper on the week but more expensive than seen at the start of October since 2015, when motorists where paying $2.29 for a gallon of unleaded.
“When fall arrives, motorists expect gas prices to be cheaper than they were in the summer,” said Sarah Schimmer, AAA Texas/AAA New Mexico Senior Public Affairs Representative. “Back-to-back hurricanes packed a punch to Gulf Coast refineries’ gasoline production and inventory levels. While the market continues to be volatile, post-hurricanes, analysts say gas prices may slowly, but steadily drop in the coming month.”
Gulf Coast refineries are making progress building toward resuming normal operations, but it could take some longer than others to return to pre-hurricane production rates. The Energy Information Administration (EIA) reports that Gulf Coast capacity utilization rates are up since last week. As utilization rates increase and operations improve, gas prices will drop.
In the South and Southeast states, including Texas, gas prices continue to get cheaper by the week. The South and Southeast tout the highest inventory level of any region in the U.S. However, the region’s gasoline inventories are at the lowest level for the region since November 2015, according to EIA data. As Gulf Coast refineries come back online and inventory levels build, gas prices will continue to drop.
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