AUSTIN (Talk1370.com) -- Gas prices across the Austin area fell slightly this week, even as the statewide average held steady, according to the latest data from AAA Texas' Weekend Gas Watch.
The average price for a gallon of regular unleaded in the Austin-San Marcos metro this week was $3.05 a gallon, down five cents from last week and 85 cents cheaper than this time a year ago.
Across the state, the average held flat at $3.06 a gallon, which is 84 cents cheaper than a year ago.
Looking at the state's major metropolitan areas, drivers in El Paso are paying the most on average at $3.24 per gallon while drivers in Lubbock are paying the least at $2.90 per gallon.
Economic turbulence has kept crude oil prices on a roller coaster due to several headlines related to interest rates and concerns about the health of the banking sector. West Texas Intermediate (WTI) was reading as low as the mid-$60 range earlier this week, but has since climbed back above $70 per barrel at the time of this report.
Even as crude trended cheaper, demand for fuel products across the country rebounded to almost nine million barrels per day, according to the Energy Information Administration.
“Despite high demand for fuel over the spring break holiday period, the statewide fuel price average is holding steady week-to-week,” said AAA Texas spokesperson Daniel Armbruster. “If strong demand continues, retail fuel prices could increase in the coming weeks. The switchover to the more expensive summer-blend gasoline is also underway, and that tends to drive gas prices up by about 5 to 15 cents more per gallon.”
Drivers in Texas are paying the sixth lowest gas price average in the country, according to AAA, with the Lone Star State falling behind Mississippi, Oklahoma, Arkansas, Missouri, and Kansas.