Texas gas prices 34 cents lower than a year ago
Texans who busted their holiday budgets can at least take comfort at the gas pump — prices for a gallon of fuel are on average 34 cents below what they were a year ago.
The statewide average for regular unleaded gas is $1.92 per gallon earlier this week, significantly below the national average is $2.23, according to the AAA Texas Weekend Gas Watch.
“With demand at its lowest point since February 2017 and the fact that the global crude market continues to be oversupplied, retail gasoline prices continue falling in many areas,” AAA Texas said in a written statement.
The bad news:analysts don’t expect the low prices to last.
“OPEC recently announced plans to tighten global supplies,” the organization said. “The move is likely going to cause oil prices to increase this year and eventually gasoline prices will likely increase, as well.”
Patrick DeHaan, head of petroleum analysis for gasoline price-tracker GasBuddy, attributed the decline in demand to normal weakness brought on by colder weather and the end of the holiday travel as well as a degree of economic uncertainty.
“The stock market has tumbled, and it’s possible motorists are not feeling as upbeat, and so they may be driving less or staying closer to home,” he said. “I expect gasoline demand will rebound this spring, however, as temperatures begin to warm.”
He said overall U.S. gasoline demand is currenty at about 370 million gallons per day, compared to about 400 million to 420 million gallons per day during the summertime peak.
According to AAA, drivers in Midland are paying the most in the Lone Star State, an average of $2.48 a gallon. Drivers in Amarillo and Lubbock are paying the statewide low of about $1.82 a gallon.
San Antonio drivers are paying about $1.86 per gallon, down 29 cents from this time last year. But that’s up 3 cents from a week ago.
The region’s motorists have gotten used to low gas prices since mid-November, when prices below the $2 mark prompted the kind of lines typically seen during shortages.
Lynn Brezosky is a San Antonio-based staff writer covering trade, agriculture and the economy. Read her on our free site, mySA.com, and on our subscriber site, ExpressNews.com. | firstname.lastname@example.org | Twitter: @lbrezosky