The average price for a gallon of regular unleaded gasoline in Texas is one cent more than the average last week, according to the AAA Texas Weekend Gas Watch. The current statewide average is $3.39.
The national average is $3.49, increasing four cents more than the average last week. The statewide average price is 10 cents less than the national average. The most expensive gasoline averages in the state is in Texarkana at $3.42. Amarillo is reporting the least expensive average in the state at $3.18 for a gallon of regular unleaded. The cost of a gallon of regular unleaded in Sweetwater is currently $3.39.
In recent reports released by the U.S. Department of Energy, U.S. demand for oil is at a more than ten-year low. As reports show extremely weak gasoline demand, refiners are responding to this decrease in demand by cutting back on production. Lower production output has resulted in some upward movement in prices for motorists, but analysts say continuing concerns regarding Euro Zone and Greek debt slowed any upward impact on prices. Crude oil futures are priced in U.S. dollars, and as economies weaken overseas, the dollar strengthens and the price of oil becomes relatively more expensive for those holding foreign currencies. Oil futures become a less attractive investment which exerts downward pressure on prices.
“Last week the statewide average for a gallon of regular unleaded increased 13 cents,” said AAA Texas/New Mexico Public Affairs Representative Sarah Schimmer. “This week the upward movement on statewide average prices has slowed, with the statewide average increasing one cent. Texans are paying an average of $47 for a typical 14-gallon fill up again this week."
To maximize fuel efficiency as well as extend the life of your car, AAA recommends motorists have their vehicle serviced regularly based on the manufacturer’s recommended schedule and identify a quality repair shop. Motorists can either look for the AAA Approved Auto Repair sign at local auto repair facilities, or search for a nearby AAA Approved shop online at: www.AAA.com/repair .