Gas Watch: Fuel prices continue to dip, Texas remains lowest statewide average in U.S.

Gas pump
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AUSTIN (Talk1370.com) -- Gas prices continued to fall this week across the Austin metro area, according to the latest data from AAA Texas' Weekend Gas Watch.

The average price for a gallon of regular unleaded fuel in the Austin-San Marcos metro area fell to $3.69 a gallon Thursday, down 13 cents from a week earlier. The average is 86 cents higher than this time a year ago.

Across the state, drivers are paying an average of $3.64 a gallon, which is down 14 cents from last week. A year ago, drivers were paying $2.84 a gallon, which is 80 cents less. It's the lowest average in the country right now, with only South Carolina seeing an average below the $3.70 threshold.

Looking at the state's individual metro areas, drivers in College Station are paying the most on average at $3.85 a gallon, while drivers in Brownsville-Harlingen are paying $3.33 a gallon.

The national average price for a gallon of regular unleaded is $4.14, which is 14 cents less when compared to this day last week and 95 cents more than the price per gallon at this same time last year.

Several market forces continue to push pump prices lower. On Wednesday, crude oil prices reached their lowest point since Russia’s invasion of Ukraine. Crude prices are falling as the energy industry factors in a possible economic slowdown. Additionally, demand for gasoline fell week-to-week and regional supplies increased.

Analysts say that both factors are helping push retail fuel prices lower. In addition, the Organization of the Petroleum Exporting Countries and allies (OPEC+) has agreed to a small boost in crude oil production, which may support falling retail pump prices in the weeks to come.

“Texas has the lowest gas price average of any state in the country," said AAA Texas spokesperson Daniel Armbruster. “It remains to be seen how far gasoline prices can actually fall with the busy summer driving season still underway.”