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Texas gas prices continue to fall after hitting an all-time high 2 months ago

By FOX 4 Staff
Published  August 15, 2022 10:22am CDT
Texas
FOX 4

Thieves steal 5,000 gallons of diesel from Dallas gas station, video shows

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On June 15, 2022, the average gallon of regular unleaded gas cost drivers $4.70 in Texas, an all-time high, according to AAA.

Gas prices have steadily fallen since that point.

On Monday, regular unleaded gas cost the average Texan $3.46 a gallon, the cheapest statewide average in the country.

In DFW, prices are cheaper than the state average. In Dallas the average sits at $3.36, in Fort Worth it is $3.35.

Several factors are driving down prices, according to AAA Texas.

In mid-June, crude oil (WTI) cost more than $115 per barrel, according to OilPrice.com. On Monday, prices fell below $90 per barrel, its lowest level since January.

The cost of oil, accounts for about 60 percent of each gallon of gas and if prices continue to fall, driver will likely continue to see relief at the pump, according to AAA.

RELATED: Exxon Mobil reports $5.48 billion in net income

AAA Texas also says demand for gas has also fallen.

A recent survey finds almost two-thirds of U.S. adults changed their driving habits since March.

The top two changes drivers made to offset high gas prices include driving less and combining errands.

While gas prices have dropped, they are still higher than last year.

On August 15, 2021, regular unleaded gas cost Texans $2.85 per gallon, on average.