The statewide gas price average in Texas is $3.70 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is seven cents less than on this day last week and is $1.13 more per gallon compared to this day last year. It is also 31 cents less than the record price of $4.01 per gallon, which was set last month. Of the major metropolitan areas surveyed in Texas, drivers in the Bryan/College Station area are paying the most on average at $3.84 per gallon while drivers in Amarillo are paying the least at $3.46 per gallon. The national average price for a gallon of regular unleaded is $4.07, which is eight cents less when compared to this day last week and $1.21 more than the price per gallon at this same time last year.
Easing crude oil supply concerns have been driving down retail gasoline prices recently. Last week the International Energy Agency’s (IEA) 31 member countries announced plans to release 120 million barrels of crude oil from their emergency oil stockpiles. The amount includes a previously announced 60 million barrels of oil from the U.S. It would be the second coordinated release in just over a month in response to spiking oil prices after Russia invaded Ukraine. While the IEA said more details about the release would become available soon, including the release timeline, the announcement has helped ease some supply concerns, pushing crude prices lower compared to where they were just weeks ago.
“While crude oil prices are back above $100 a barrel, gasoline prices continue to fall from the record highs we had just one month ago,” said AAA Texas spokesperson Daniel Armbruster. “Retail gasoline and crude oil prices will still be volatile with Russia’s war in Ukraine ongoing along with the start of the busy summer driving season just six weeks away.”
