AAA: Decreasing Demand Pushes Texas Gas Prices Lower, But Still Over $1 Higher Than Last Year
TEXAS (CBSDFW.COM) -- AAA said Thursday that a decrease in demand is leading to a drop in gas prices as crude oil prices also tumble.
"The statewide gas price average in Texas is $2.97 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch," read the report. "That price is two cents less than on this day last week and is $1.13 more per gallon compared to this day last year."
"Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.18 per gallon while drivers in Amarillo are paying the least at $2.81 per gallon. The national average price for a gallon of regular unleaded is $3.38, which is two cents less when compared to this day last week and $1.22 more than the price per gallon at this same time last year."
According to AAA, crude oil prices tumbled following news that the Omicron COVID-19 variant is spreading across the globe. West Texas Intermediate crude oil is below $70 per barrel for the first time since early September.
"Gasoline prices across much of the state are reversing their upward trend thanks to decreasing demand and falling crude oil prices," said AAA Texas spokesperson Daniel Armbruster. "But it's too soon to tell if fears of a global economic slowdown caused by the Omicron variant will push oil prices lower for the long term."
AAA said drivers in Texas are paying the 2nd lowest gas prices in the country.
