COPPELL, Texas – After brief spikes following the attacks on Saudi Arabia’s oil facilities earlier this month, retail gas prices decline in many Texas cities. The statewide gas price average in Texas is $2.37 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is two cents less than on this day last week and is 25 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 $2.74 while drivers in Tyler are paying the least at $2.28 per gallon. The national average price for a gallon of regular unleaded is $2.65, which is two cents less compared to this day last week and 22 cents less than the price per gallon at this same time last year.
The attacks on Saudi Arabian oil facilities earlier this month caused crude oil prices to spike by as much as $10 per barrel, in turn forcing retail gas prices in Texas and most of the U.S. to rise. The good news is we are now seeing downward movement with crude oil prices and stabilization at gas pumps, but drivers can expect some fluctuation through the end of the month.
“After brief price spikes following the attacks on Saudi Arabia’s oil facilities earlier this month, markets are showing signs of stabilization,” said Daniel Armbruster, AAA Texas spokesperson. “Retail gas prices are now falling in many Texas cities. However, drivers may see fluctuations through the end of the month.”
Crude Oil Demand
In its latest report, the Energy Information Administration (EIA) measured U.S. demand at 8.9 million barrels per day, which is a substantial 900,000 b/d drop from the previous week and a low reading not seen since February. The decrease in demand amid the spike in crude oil prices could help to keep gas price fluctuations more moderate through the end of the month.
Imelda’s Impact on Gas Prices
Tropical Storm/Depression Imelda dumped dozens of inches of rain in Texas, but industry reports show refineries are operational. The impact of the storm – including flooding – is not expected to influence gas prices.
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 atwww.AAA.com/mobile.
To help members and non-members identify quality auto repair shops that can assist in the maintenance and repair of their vehicles, AAA offers the Approved Auto Repair program as a free public service. AAA-approved repair facilities meet and maintain high professional standards for training, equipment, cleanliness and customer service. Motorists can look for the Approved Auto Repair sign at local auto repair facilities, or search for a nearby AAA-approved shop online atAAA.com/Repair. AAA Texas branch offices throughout the state can be found by visiting www.AAA.com. Follow AAA Texas on Twitter: @AAATexas and Facebook:www.facebook.com/