AUSTIN (Talk1370.com) -- Gas prices fell again this week across the Austin metro area and the state, according to the latest edition of AAA Texas' Weekend Gas Watch.
Drivers in the Austin-San Marcos metro area were paying an average of $2.86 a gallon for regular unleaded Thursday. That's down two cents from last week and one dollar higher than a year ago.
Across the state, drivers are paying an average of $2.91 a gallon, also down two cents from last week. The average is $1.01 higher than a year ago.
Nationwide, drivers are paying an average of $3.32, which is $1.13 higher than a year ago and two cents cheaper than a week ago.
Drivers in Midland and Odessa are paying the state's highest average, at $3.08 per gallon, while drivers in San Antonio are paying the least on average at $2.71 per gallon.
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.
Analysts say 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.
“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.”