Gas prices continue slow decline ahead of Easter travel
With drivers in Texas preparing to travel for the Easter holiday weekend, gas prices continue a slow decline with the cost at the pump falling seven cents over the last week across the state, according to AAA Texas.
The average price for regular unleaded fuel in Texas is $3.70 per gallon as of Thursday, which marks a seven cent decrease over the last week and is 31 cents less than the record price of $4.01 set in March.
AAA Texas said retail gasoline prices have been in decline as crude oil supply concerns have eased. The International Energy Agency’s 31 member countries announced plans last week to release 120 million barrels of crude oil from their respective emergency oil stockpiles, including 60 million barrels of oil from the U.S., AAA Texas said. The announcement has eased supply concerns, which has lowered crude oil prices compared to where they were a few weeks ago at $130 a barrel in March.
“While crude oil prices are back above $100 a barrel, gasoline prices continue to fall from the record highs we had just one month ago,” AAA Texas spokesperson Daniel Armbruster said. “Retail gasoline and crude oil prices will still be volatile with Russia’s war in Ukraine ongoing along with the start of the busy summer driving season just six weeks away.”
According to GasBuddy, the nation’s average gas price has declined for the third week in a row. The average price per gallon in the U.S. was at $4.10 on Monday, marking a 7.5-cent decrease from last week. GasBuddy added that the national average is down $0.23 compared to a month ago, however, the price is $1.25 higher per gallon than a year ago. Additionally, the average price of diesel has decreased by 4.4 cents in the last week at an average of $5.04 per gallon.
“Gas prices have continued to move in the right direction — down — saving Americans approximately $100 million every day compared to when prices peaked about a month ago. And, more good news is on the horizon: the national average this week will likely fall back under the critical $4 per gallon mark,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “It remains possible that gas prices may have hit their 2022 peak, barring the typical caveats like the Russia war on Ukraine, the economy, hurricane season and Covid don’t take drastic and unexpected turns. Diesel prices are also falling and likely to go back under the $5 per gallon average this week. The situation for now continues to show signs of improving, with the national average falling back into the $3 range as early as this week.”
While lower than last month, Texans are paying $1.13 more per gallon for unleaded gas than a year ago, according to AAA Texas. Drivers in the Bryan/College Station area are paying the most on average at $3.84 per gallon, AAA Texas said, while drivers in Amarillo are paying the least at $3.46 per gallon.