AAA Texas: Gas Prices Falling; Crude Oil Prices Fluctuate Amid Concerns Over Omicron Variant

Posted

The statewide gas price average in Texas is $2.93 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is four cents less than from this day last week and is $1.07 more per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.11 per gallon while drivers in Amarillo are paying the least at $2.74 per gallon. The national average price for a gallon of regular unleaded is $3.34, which is four cents less when compared to this day last week and $1.18 more than the price per gallon at this same time last year.

According to the latest data from the Energy Information Administration for the week ending December 3, the U.S. gasoline demand number increased slightly week-to-week by around two percent and remains elevated from this time last year. However, concerns of a possible COVID-19 global economic slowdown pushed oil prices into the mid-$60s per barrel last week —a price not seen since August. West Texas Intermediate (WTI) crude has since rebounded to above $70 per barrel. Also helping to ease upward pricing pressure was the decision by OPEC and its oil-producing allies not to cut production.

“Prices at the pump have been falling as crude oil prices have been fluctuating due to concerns over the COVID-19 Omicron variant,” said AAA Texas spokesperson Daniel Armbruster. “On December 2, OPEC+ announced it would stick to its plan, for now, to raise production by 400,000 barrels per day in January, which has also helped keep a lid on oil prices.”

AAA Tips to save money on fuel:

• Make sure your tires are properly maintained and inflated to the correct level.

• Maintain your car according to the manufacturer’s recommendations. Regular service will ensure optimum fuel economy.

• Avoid “jackrabbit” starts and hard acceleration. These actions greatly increase fuel consumption.

• Slow down and drive the speed limit. Higher speeds result in more aerodynamic drag.

• Use cruise control on the highway to help maintain a constant speed and save fuel. However, never use cruise control on slippery roads because a loss of vehicle control could result.

• Minimize your use of air conditioning.

• Avoid extended idling to warm up the engine, even in colder temperatures. It’s unnecessary and wastes fuel.

• Remove unnecessary and bulky items from your car.

• Minimize your use of roof racks and remove special carriers when not in use.

• Download the AAA App to find the cheapest prices near you.

Drivers in Texas are paying the 2nd lowest gas price average in the country, according to gasprices.aaa.com. Oklahoma has the lowest average of any state at $2.91 per gallon. Meanwhile, California continues to have the highest gas price average in the country. Drivers in The Golden State are paying $4.68 per gallon, on average.

Comments

No comments on this item Please log in to comment by clicking here