EL PASO, Texas (KTSM) – According to the AAA Texas Weekend Gas Watch, the statewide gas price average in Texas is $2.91 for a gallon of regular unleaded fuel.
Officials share that the price is two cents less than from this day last week and is $1.01 more per gallon compared to this day last year.
Of the major metropolitan areas surveyed in Texas, drivers in Midland and Odessa are paying the most on average at $3.08 per gallon while drivers in San Antonio are paying the least at $2.71 per gallon.
The national average price for a gallon of regular unleaded is $3.32, which is two cents less when compared to this day last week and $1.13 more than the price per gallon at this same time last year.
“Pump prices continue their slow seasonal descent, despite a slight rebound in oil prices due to waning fears of a global slowdown caused by the COVID-19 omicron variant,” said AAA Texas spokesperson Daniel Armbruster. “Gas prices may start to steady, or even trend higher, if demand remains strong. However, Texas has the lowest gas prices in the country, which should bring some holiday cheer to the millions of Lone Star State motorists planning to take a road trip next week.”
According to the latest data from the Energy Information Administration for the week ending December 10, the U.S. gasoline demand number increased week-to-week by around six percent and remains elevated from this time last year.
Weekly regional fuel supply numbers fell slightly, and Gulf Coast refinery utilization registered up from the week prior.
Officials add that concerns of a possible COVID-19 global economic slowdown have kept crude oil prices from moving past around $70 per barrel recently, but that trend has now changed as markets appear less concerned than in weeks prior.
Drivers in Texas are paying the lowest gas price average in the country, according to gasprices.aaa.com. Meanwhile, California drivers are paying the highest gas prices at an average of $4.67 a gallon for regular unleaded.