COPPELL, Texas – The statewide gas price average in Texas is $1.98 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is the same as this day last week and is 32 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 $2.40 while drivers in San Antonio are paying the least at $1.92 per gallon. The national average price for a gallon of regular unleaded is $2.28, which is the same as this day last week and 27cents less than the price per gallon at this same time last year.
Frigid temperatures across much of the country have contributed toward a half a million barrel per day drop in demand to measure at 9 million barrels – a level consistent with a year ago according to Energy Information Administration (EIA). At the same time, gasoline stocks saw a nominal 513,000 barrel increase for a total of nearly 258,000 barrels. While demand is mostly flat year-over-year, total stocks sit at a 124 million barrel surplus.
“Since the start of the year, crude oil remains relatively inexpensive, moving between $51- $55 per barrel,” said Daniel Armbruster, AAA Texas/AAA New Mexico spokesperson. “This, coupled with fluctuating gasoline stocks due to planned and unplanned maintenance at refineries as well as instability in demand, likely due to frigid temperatures, are all contributing toward stable retail gas prices across the country.”
Refinery maintenance and exports are impacting gas prices in the south and southeast region. According to EIA data, exports jumped by nearly 300,000 barrels per day to 895,000 barrels per day, contributing towards regional stocks dipping by 1.8 million for the week ending February 1. At the beginning of the year, stocks sat at 89.3 million barrels. With the latest draw, the region’s total stocks sit at 84.8 million barrels. This is the third straight week of stock declines as utilization holds relatively stable at 90 percent.
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.
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 at AAA.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/AAATexas.