Gas prices in San Marcos area down 10 cents since last week
Gas prices in the San Marcos/Austin area went down another 10 cents since last week, according to AAA Texas.
Drivers in the San Marcos/Austin area are paying an average of $2.84 per gallon of regular unleaded fuel, which is down from $2.94 last week. Average gas prices in the area are 11-cents lower than this time last year.
Texas saw an overall 9-cent decrease per gallon of regular unleaded fuel — a fall from $2.98 last week to $2.84 on Thursday, according to AAA Texas. Average gas prices in Texas are $0.14 lower than this time last year. Texans are paying the lowest for gas in the U.S., AAA Texas said.
AAA Texas stated crude oil prices have been on the rebound recently and gas prices' descent could come to a pause or even reverse if the trend holds. Oil prices are rising for two possible reasons, according to AAA Texas, citing an upcoming OPEC+ meeting and an announcement from China that the country will ease COVID-19 restrictions.
“Gas prices are cheaper than they were last December and down 40% from record highs set in June. However, change could be on the horizon as the cost of gasoline’s main ingredient, crude oil, starts to increase due to rising global demand,” AAA Texas spokesperson Daniel Armbruster said. “If crude prices continue to increase, the downward trend in retail fuel prices may slow or reverse.”
Nationwide, gas prices continued to fall for the third consecutive week. The average gas price decreased 12.4 cents from the last week to $3.52 per gallon, according to GasBuddy. The national average has decreased 22.7 cents from a month ago but is up 14.1 cents per gallon higher than last year. The national average price of diesel has decreased by 7.9 cents since last week and was at $5.20 per gallon, GasBuddy said.
“As millions of Americans hit the road for Thanksgiving, we saw gasoline prices continue dropping coast to coast last week, and a new record was set for the largest single day decline in the national average. In addition, 47 of the nation’s 50 states have seen diesel prices falling as well, providing well-needed relief ahead of the holidays and helping to stem the rise in inflation,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “All the metrics look very positive for motorists as this week is likely to continue seeing falling gasoline prices, with many areas falling to the lowest level since Russia’s invasion of Ukraine in February. It’s entirely possible the national average price of gasoline could fall under $3 per gallon by Christmas, which would be a huge gift to unwrap for motorists after a dizzying year at the pump.”
In Texas, drivers in the Midland area are paying the most on average at $3.07 per gallon, while drivers in the Sherman-Denison metro are paying the least at $2.62.
