The average price for a gallon of regular unleaded gasoline in Texas is $3.46, two cents less than the average last week, according to the AAA Texas Weekend Gas Watch.
The national average is $3.58. The statewide average price is 12 cents less than the national average. The decline in gas prices this month has continued over the last week. The most expensive gasoline average in the state is in Amarillo at $3.47. Ft. Worth, Houston, and Texarkana are reporting the least expensive averages in the state at $3.42 for a gallon of regular unleaded. Sweetwater's gas prices are as low as $3.59 for a gallon of regular unleaded.
Analysts say the equities and commodities markets continued to display volatility over the past week as global economic events pressured the market down and the U.S. dollar up. Oil futures are traded in dollars, and as the currency strengthens relative to those abroad, the effective price of oil for those outside of the U.S. becomes more expensive. Oil futures become a less attractive investment and prices are pressured downward. Oil is trading around $85 per barrel.
“The statewide average price for a gallon of regular unleaded gasoline decreased two cents since last week. Today’s statewide average is 43 cents less than the current high price for the year of $3.89 that was reached on May 13," said AAA Texas/New Mexico Public Affairs Representative Sarah Schimmer in Houston.