Texas gas prices continue to drop ahead of busy summer travel season
HOUSTON - Prices at the pump are continuing to drop for Texas drivers ahead of the upcoming summer travel season.
According to AAA Texas Weekend Gas Watch, the statewide gas price average in Texas is $3.12 for a gallon of regular unleaded fuel. That’s 11 cents less than on this day last week and is 76 cents less per gallon compared to the same day last year.
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Drivers in El Paso are currently paying the most on average at $3.36 per gallon while drivers in McAllen are paying the least at $2.88 per gallon.
The current national average for a gallon of regular gasoline is $3.57, which is seven cents less when compared to this day last week and 66 cents less than the price per gallon at the same time last year.
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The cause for the falling gas prices is crude oil prices continuing to tumble as concerns of an economic slowdown persist along with the Federal Reserve raising interest rates again, according to AAA Texas Weekend Gas Watch. Demand also dropped across the country while regional fuel supplies increased.
"If crude oil prices keep falling, retail gas prices will likely follow," said AAA Texas spokesperson Daniel Armbruster. "However, we’ll have to wait and see how much impact cheaper crude could have as the unofficial kickoff to summer, Memorial Day, is right around the corner and travel demand outlooks appear to be very strong."