The statewide gas price average in Texas is $3.03 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is nine cents less than on this day last week and is 12 cents less per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in El Paso and Midland are paying the most on average at $3.18 per gallon while drivers in McAllen are paying the least at $2.89 per gallon. The national average price for a gallon of regular unleaded is $3.44 which is six cents less when compared to this day last week and three cents less than the price per gallon at this same time last year.
Gasoline price averages are, for the most part, following the price of crude oil. The markets have many headlines to digest. The recent decision by OPEC+ to maintain current production levels and not make any cuts led to lower crude oil prices only to be followed by last Friday’s blockbuster U.S. report of 517,000 jobs added in January, dropping the unemployment rate to a 54-year low of 3.4%, likely having the opposite effect. The price for a barrel of oil has been in the $70 range lately – down from the $80 range earlier this year.
“The oil markets are clearly still very sensitive to daily economic news, leading to slight fluctuations in retail gas prices,” said AAA Texas spokesperson Daniel Armbruster. “Crude oil accounts for nearly 60 percent of what drivers pay at the pump. Rising or falling oil prices can have a direct impact on motorists’ wallets.”
Drivers in Texas are paying the lowest gas price average in the country, according to gasprices.aaa.com. Meanwhile drivers in Hawaii are paying the most at $4.90 on average for a gallon of regular unleaded.