Gas prices in San Marcos/Austin area continue to fall
Drivers in the San Marcos/Austin area continue to see gas prices fall, according to AAA Texas.
The average cost for a gallon of unleaded fuel cost 15 cents less than last week for drivers around San Marcos. AAA Texas stated that as of Thursday drivers in the area were paying an average of $3.87 for unleaded fuel compared to last week’s $3.97. Average gas prices, however, are still up $1.02 compared to last year.
The statewide average across Texas is also down 17 cents less than last week at $3.78 but is $0.95 more per gallon compared to last year.
AAA Texas said oil and gasoline markets are continuing to weigh the potential of an economic slowdown against strong demand for fuel and supply volatility caused by the war in Ukraine. It is unclear how long prices at the pump will continue to decline.
“With crude oil prices steadily below $100 a barrel in recent days, coupled with what appears to be a healthy supply of regional gasoline product, could be leading factors as to why prices are falling at the pump,” AAA Texas spokesperson Joshua Zuber said. “Last minute road trips may increase gasoline demand as we wrap up the summer driving season with gas price averages dropping almost daily. But, how long this downward trend continues remains to be seen.”
Nationwide, average gas prices have fallen for the sixth straight week, declining 17.4 cents from last week to $4.33 per gallon, according to GasBuddy — a travel and navigation app that is used to save money on gas. GasBuddy added that the national average has fallen 56.7 cents from last month but is $1.19 per gallon higher than last year. The national average price of diesel is down 13 cents since last week and was at $5.41 per gallon.
“Gas prices continue falling coast to coast, with the national average last week declining for the sixth straight week, or 40 days in a row. The national average is now down an astounding 70 cents in that timeframe,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “I have no reason yet to expect the decline won’t reach seven straight weeks, as gas stations still have plenty of room to decline as oil prices remain under $100 per barrel.
“However, should the tropics become more active, the decline could eventually reverse,” De Haan continued. “In addition, this week we’ll see GDP data for the second quarter, and if it’s better than expected, we may see oil rally, slowing the descent. For now, nine states are seeing average prices under $4 per gallon, a number that will rise this week, with over 40,000 stations under that level, keeping $266 million per day in motorists’ wallets versus mid-June.”
In Texas, College Station drivers are paying the most on average at $3.95 per gallon, while drivers in Laredo are paying the least at $3.44 per gallon, AAA Texas said. Texas drivers are paying the lowest gas price average in the country, according to gasprices.aaa.com.
