AUSTIN (Talk1370.com) -- Drivers across Texas are seeing some relief at the gas pump, with the statewide average seeing its largest weekly decline of the year this week according to the AAA Texas Weekend Gas Watch.
Austin drivers are paying an average of $4.36 a gallon for regular unleaded this week. That's a 16 cent drop from last week, and $1.57 higher than this time a year ago.
The statewide average is also down 16 cents to $4.33 a gallon, $1.52 higher than a year ago. Across the country, drivers are paying an average of $4.75, which is 11 cents cheaper than last week.
Drivers in Laredo are paying the state's lowest average at $3.98 a gallon - the only Texas market to fall below the $4 mark. El Paso continues to see the state's highest average, at $4.44 a gallon.
While many drivers will be happy to see prices coming down at the pump, it remains to be seen if the declines are a trend or another round of price fluctuation, which has occurred numerous times this year. AAA says the main factors behind the recent drop is a drop in crude oil prices, which are decreasing due to concerns about a decline in global demand later this year as well as increased supply regionally.
However, July is typically one of the busiest months for road travel and gasoline demand. This, in addition to Russia’s war in Ukraine and the uncertainty surrounding global crude supplies, could cause prices to fluctuate and possibly move higher during July.
“The largest weekly decline in 2022 for fuel prices is good news for drivers, but we’re not out of the woods just yet,” said AAA Texas spokesperson Daniel Armbruster. “Gas prices will remain elevated compared to one year ago and could fluctuate in July, which is typically one of the busiest months in Texas for road trips and fuel demand.”
Texas drivers are paying the sixth lowest average in the country. South Carolina's average price per gallon is $4.26, while drivers in California are paying the highest on average at $6.18 a gallon.
