San Marcos/Austin area continues to see decline in average gas price

Drivers in the San Marcos/Austin area saw another drop in gas prices this week, according to AAA Texas.

The average cost for a gallon of unleaded fuel dropped another 13 cents compared to last week for drivers around San Marcos. AAA Texas stated that as of Thursday drivers in the area were paying an average of $3.69 for unleaded fuel compared to last week’s $3.82. Average gas prices, however, are still up 86 cents compared to last year.

Texans are paying the lowest average for unleaded gas in the U.S. The statewide average across Texas is 14 cents less than last week at $3.64 but is $0.80 more per gallon compared to last year.

AAA Texas said crude oil prices reached their lowest point since Russia invaded Ukraine. Crude prices continue to fall as the energy industry continues to factor in a possible economic slowdown. AAA Texas added that demand for gasoline also fell and regional supplies increased.

“Texas has the lowest gas price average of any state in the country according to Gasprices.AAA.com,” said AAA Texas spokesperson Daniel Armbruster. “It remains to be seen how far gasoline prices can actually fall with the busy summer driving season still underway.”

Nationwide, average gas prices have fallen for the seventh straight week, declining 15.9 cents from last week to $4.17 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 65.5 cents from last month but is $1.02 per gallon higher than last year. The national average price of diesel is down 14.8 cents since last week and was at $5.27 per gallon.

“We continue to see average gas prices falling in every state, with the national average down for the seventh straight week. Even better, nearly 20 states have also seen their average decline to $3.99 or less, with over 70,000 stations now at that level or below,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The outlook is for a continued drop in most areas, however, some supply tightness in areas of the Northeastern U.S. could push prices up slightly until inventories rise, or imports do.

“For now, Americans are seeing prices nearly 90 cents lower than their mid-June peak and are spending close to $330 million less on gasoline every day as a result,” De Haan added. “As long as oil prices hold at these levels or lower, we’ll see another decline in most areas this week.”

In Texas, College Station drivers are paying the most on average at $3.85 per gallon, while drivers in the Brownsville-Harlingen area are paying the least at $3.33 per gallon.