AUSTIN (Talk1370.com) -- A week after reaching a seven-month high, gas prices across the state are down this week according to AAA Texas' Weekend Gas Watch.
The average price for a gallon of regular unleaded fuel in the Austin area this week is $3.25 a gallon, down ten cents from last week and 50 cents from a year ago.
Across the state, the average is down 11 cents this week to $3.23. That's a 54 cent drop from a year ago. Nationwide, the average is down five cents to $3.64.
Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.47 per gallon while drivers in McAllen are paying the least at $2.99 per gallon.
Crude oil prices have recently dropped, which is allowing for some relief at the pump. The energy markets continue to balance the outlook for what should be strong demand for travel with uncertainty around an economic slowdown as inflation continues as well as possible higher interest rates.
Looking ahead to May, and the summer, many experts indicate that Americans are excited to hit the road for summer travel, which will put more pressure on demand for fuel.
“After climbing to its highest point in nearly seven months last week, the statewide gas price average has receded slightly,” said AAA Texas spokesperson Daniel Armbruster. “Crude oil prices have dipped after climbing above $80 per barrel earlier this month. While retail gas prices are down from last week, fluctuations remain possible, and prices could rebound as what’s expected to be a very busy summer driving season is just around the corner. The Energy Information Administration noted strong demand for fuel on the week.”