LUBBOCK, TX - The statewide average gas price in Texas has dropped slightly to $3.09 per gallon for regular unleaded fuel, according to the AAA Texas Weekend Gas Watch.
This price is four cents less than last week and 37 cents lower than the same day last year. Among the major metropolitan areas in Texas, drivers in the El Paso metro area face the highest average price at $3.29 per gallon, while those in Lubbock enjoy the lowest at $2.91 per gallon.
Nationally, the average price for a gallon of regular unleaded is $3.48, a four-cent decrease from last week and 30 cents less than last year.
AAA is introducing a new feature to track the kilowatt-per-hour cost for Level 2 (L2) commercial electric vehicle (EV) charging by state. Approximately 1.2 million AAA members live in households with one or more electric vehicles. The national average cost for a kilowatt of electricity at an L2 commercial charging station is currently 34 cents.
In oil and gas market trends, a tropical wave with storm potential is approaching the Caribbean Sea. If it enters the Gulf of Mexico, oil prices are expected to rise. According to the latest data from the Energy Information Administration (EIA), gas demand decreased from 9.45 million barrels per day (b/d) to 9.25 million b/d last week.
Additionally, domestic gasoline stocks fell from 227.4 million barrels to 223.8 million barrels, while gasoline production averaged 10.0 million barrels per day.
Lower gasoline demand and rising oil costs could result in stable or slightly increasing pump prices, depending on storm development in the Atlantic.
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