AUSTIN (Talk1370.com) -- Gas prices across Central Texas fell again this week as prices continued to recede from recent record highs, according to the latest AAA Texas Weekend Gas Watch.
The average price for a gallon of regular unleaded fuel across the Austin-San Marcos metro area is $3.68 a gallon, down ten cents from last week and up $1.15 from this time last year.
Across the state, drivers are paying an average of $3.70 a gallon, down seven cents this week and up $1.13 from a year ago. Nationwide, drivers are paying an average of $4.07, down eight cents on the week and up $1.21 over a year ago when drivers were paying an average of $2.86 a gallon.
Drivers in the Bryan-College Station area are seeing the state's highest average, with drivers paying $3.84 a gallon; Amarillo has the state's lowest average this week, at $3.46 a gallon.
Easing crude oil supply concerns have been driving down retail gasoline prices recently. Last week the International Energy Agency’s (IEA) 31 member countries announced plans to release 120 million barrels of crude oil from their emergency oil stockpiles. The amount includes a previously announced 60 million barrels of oil from the U.S. It would be the second coordinated release in just over a month in response to spiking oil prices after Russia invaded Ukraine.
While the IEA said more details about the release would become available soon, including the release timeline, the announcement has helped ease some supply concerns, pushing crude prices lower compared to where they were just weeks ago.
“While crude oil prices are back above $100 a barrel, gasoline prices continue to fall from the record highs we had just one month ago,” said AAA Texas spokesperson Daniel Armbruster. “Retail gasoline and crude oil prices will still be volatile with Russia’s war in Ukraine ongoing along with the start of the busy summer driving season just six weeks away.”