AUSTIN (Talk1370.com) -- Gas prices continue to fall in the wake of falling crude oil prices and the coronavirus pandemic.
The average price for a gallon of regular unleaded fuel in the Austin area is $1.89 this week, down ten cents from last week and 38 cents less than this time last year. Statewide, the avearge is seeing similar declines, down 10 cents to $1.91 a gallon, a full 50 cents cheaper than this time last year.
Across the state, drivers in Midland are paying the most on average at $2.11 while drivers in Sherman/Denison are paying the least at $1.71 per gallon.
The national average dropped 12 cents this week to $2.20.
Prices at the pump continue to drop amid the lack of agreement between Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries to cut production and concerns about the coronavirus toll on global demand. Drivers in the Lone Star State are seeing big savings at the pump as Texas hasn’t had a statewide gas price average of $1.91 a gallon since January 2019. Across the U.S., while pump prices are cheaper, many Americans are driving less as school is cancelled and many people are working from home. Less demand in the coming weeks could push pump prices even lower if supply increases.
"As demand falls for oil and gasoline, prices are plummeting at the pumps," said Daniel Armbruster with AAA Texas. "Concerns about the impact on gasoline demand from coronavirus, and disagreements regarding oil production between OPEC and non-OPEC countries, have been major factors which have pushed prices down."
Year-over-year, regional stocks are sitting at a deficit. Typically, this could push gas prices more expensive, but its likely motorists in the region will see cheaper gas prices in the week ahead due to market uncertainties associated with the coronavirus.
