AUSTIN (Talk1370.com) -- Austin-area gas prices are down just slightly this week according to the AAA Texas Weekend Gas Watch, just two weeks before millions of Texans are expected to hit the state's roadways.
Drivers across the Austin-San Marcos metro area are paying an average of $3.01 a gallon for regular unleaded this week, down one cent from last week and $1.25 higher than this time a year ago.
Across the state, the average is flat this week at $3.07 a gallon, which is $1.27 higher than a year ago. Nationwide, the average ticked up one penny to $3.42 a gallon, which is $1.30 higher than this time last year.
Drivers in El Paso continue to pay the state's highest average, at $3.28 a gallon; drivers in Amarillo are paying the least on average at $2.90 a gallon.
Gasoline demand for the week ending November 5 fell by around three percent week-to-week, remaining elevated from this time last year, according to new data from the Energy Information Administration. Weekly regional fuel supply numbers decreased slightly, and Gulf Coast refinery utilization registered up from the week prior.
“Gasoline price averages will remain above $3 per gallon unless the price of crude oil, which makes up approximately 50 to 60% of the cost of retail fuel, comes down,” said AAA Texas spokesperson Daniel Armbruster. “The latest decision by OPEC and its oil-producing allies to maintain their planned gradual increase in output will not help to lessen global supply constraints or lower prices of retail fuel for U.S. drivers.”
Analysts note that there may be a brief increase in prices before the Thanksgiving holiday travel period, in which AAA predicts near pre-pandemic levels of travel.
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