The average price for a gallon of regular unleaded gasoline in Texas is $3.29, five cents less than the average last week, according to the AAA Texas Weekend Gas Watch.
The national average is $3.44, three cents less than last week. The statewide average price is 15 cents less than the national average. The most expensive gasoline average in the state is in Amarillo at $3.36. Corpus Christi is reporting the least expensive average in the state at $3.14 for a gallon of regular unleaded. Sweetwater is currently reporting $3.39 for a gallon of regular unleaded.
Market analysts say a strong U.S. Dollar, lower than expected economic growth in China, and the concern that a meeting set to address European economic uncertainty may be postponed exerted downward pressure on crude oil prices this week. As the financial climate overseas maintains uncertainty, U.S. dollars become a more attractive investment, driving up the value of the dollar. Commodities, including crude oil, are traded in U.S. dollars, and as the dollar strengthens compared to currencies abroad, oil becomes a less attractive investment for those holding foreign currencies and prices are pressured downward.
“The statewide average price for a gallon of regular unleaded decreased five cents since last week," said AAA Texas/New Mexico Public Affairs Representative Sarah Schimmer in Houston. “Today’s statewide average is 60 cents less than the current high price for the year of $3.89 that was reached on May 13.”