AAA Texas: Gas prices drop as demand falls
The statewide gas price average in Texas is $2.97 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch.
Though the price is $1.13 more per gallon compared to last year, it is two cents less compared to last week, and 41 cents less than the national average price for a gallon of gas, according to AAA.
According to the latest data from the Energy Information Administration, demand for gasoline fell week-to-week across the U.S. by nearly six percent. However, gasoline demand remains elevated from this time last year.
“Crude oil prices tumbled following news that the Omicron COVID-19 variant is spreading across the globe. West Texas Intermediate crude oil is below $70 per barrel for the first time since early September,” the news release from AAA stated.
Drivers in Texas are paying the second-lowest gas price average in the country, according to gasprices.aaa.com. Oklahoma has the lowest average in the nation at $2.96 and California has the highest of any state at $4.70.
“Gasoline prices across much of the state are reversing their upward trend thanks to decreasing demand and falling crude oil prices,” AAA Texas spokesperson Daniel Armbruster said in a statement. “But it’s too soon to tell if fears of a global economic slowdown caused by the Omicron variant will push oil prices lower for the long term. Drivers can save on fuel by avoiding quick accelerations, riding on healthy tires and keeping their vehicle maintained in accordance with their vehicle owner’s manual.”
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