AAA Texas: Statewide Gas Price Average Slips Below $4 for First Time Since Early May

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The statewide gas price average in Texas is $3.95 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is 19 cents less than on this day last week and is $1.12 more per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in College Station are paying the most on average at $4.08 per gallon while drivers in Laredo are paying the least at $3.59 per gallon. The national average price for a gallon of regular unleaded is $4.44, which is 16 cents less when compared to this day last week and $1.28 more than the price per gallon at this same time last year.

Gas prices across the state fell as economic slowdown concerns, due to rising interest rates and inflation, outweigh crude oil supply worries as the war in Ukraine continues. The potential for declining crude oil demand, as it relates to possible reduced economic activity, could lead prices to follow suit. However, crude oil prices remain sensitive to headlines – trading in wild swings somedays, and July is still a leading month for travel demand; therefore, it is unclear how long downward pressure will remain on the price at the pump.

“The statewide retail price for a gallon of regular unleaded on average fell below $4 for the first time since the second week of May,” said AAA Texas spokesperson Joshua Zuber. “With gas prices continuing to decline, more people may be encouraged to make last minute decisions to travel.”

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