The statewide gas price average in Texas is $3.77 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is eight cents less than on this day last week and is $1.18 more per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $3.90 per gallon while drivers in Amarillo are paying the least at $3.52 per gallon. The national average price for a gallon of regular unleaded is $4.15, which is seven cents less when compared to this day last week and $1.28 more than the price per gallon at this same time last year.
Retail gas and global crude oil prices have been sinking on the news of a coordinated release from strategic petroleum reserves. The additional 120 million barrels of oil are set to come from the International Energy Agency. 60 million of those barrels from the IEA’s release are in conjunction with the U.S. strategic petroleum reserve release of 180 million barrels over the next six months.
“The latest round of headlines about oil reserve releases have been driving retail gas and crude oil prices down,” said AAA Texas spokesperson Daniel Armbruster. “Gasoline demand also hasn’t been as strong over the past few weeks, but that will likely change as we move closer to the summer driving season.”
