AUSTIN (Talk1370.com) -- Gas prices have fallen slightly from their record highs in the last week, according to the latest data from AAA Texas' Weekend Gas Watch.
The average price for a gallon of regular unleaded in the Austin-San Marcos metro area is $3.96 this week, down two cents from last week's $3.98 and four cents from last Saturday's record high of $4.00. The average is $1.38 higher than this time last year.
Across the state, drivers are paying an average of $3.96 - down four cents from last week's average of $4.00, and five cents cheaper than last Friday's all-time high of $4.01 per gallon. This time last year, drivers were paying an average of $2.64 per gallon - a difference of $1.32.
Across the country, prices are also down slightly this week - falling three cents to $4.29 a gallon, which is $1.41 higher than this time a year ago.
Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $4.16 per gallon while drivers in Amarillo are paying the least at $3.67 per gallon.
Volatility in the gas and oil market is expected to continue until the global oil market figures out how to balance the loss of Russian energy. While crude oil prices have been falling over the past few days, as of this morning they are spiking back up due to global supply concerns.
“Crude prices remain volatile as uncertainty lingers over the loss of Russian crude oil and rising concerns about global supply,” said AAA Texas spokesperson Daniel Armbruster. “Traditionally, gas prices increase around the switch to summer blends, which occurs in March and April. The spring and summer travel seasons are also heating up, which can cause prices to fluctuate based on increased demand. AAA expects prices to decline as they normally would after the summer, however, if crude remains high so will prices at the pump.”