AUSTIN (Talk1370.com) -- Gas prices continued to fall this week across the Austin 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 is $3.78 this week, down 7 cents from last week. The average is $1.24 higher than this time last year.
Statewide, drivers are paying an average of $3.77 a gallon, which is down 8 cents from last week and $1.18 more than a year ago. Nationwide, drivers are paying an average of $4.15 a gallon, down 7 cents from last week and $1.28 more than a year ago.
Retail gas and global crude oil prices have been sinking on the news of a coordinated release from strategic petroleum reserves. The additional 120 million barrels of oil are set to come from the International Energy Agency. 60 million of those barrels from the IEA’s release are in conjunction with the U.S. strategic petroleum reserve release of 180 million barrels over the next six months.
“The latest round of headlines about oil reserve releases have been driving retail gas and crude oil prices down,” said AAA Texas spokesperson Daniel Armbruster. “Gasoline demand also hasn’t been as strong over the past few weeks, but that will likely change as we move closer to the summer driving season.”
