AAA: Austin-area gas prices drop 10 cents this week

December 06, 2018 - 8:57 am
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AUSTIN (KJCE) -- Gas prices continue to drop behind a drop in crude oil prices, according to the latest numbers from AAA Texas.

The average price for a gallon of regular unleaded gasoline in the Austin area is $2.14 this week, down 10 cents from a week ago and 8 cents from this time a year ago. According to GasBuddy.com, some stations in the Austin area are selling regular unleaded for as low as $1.88 a gallon.

Across the state, drivers are paying an average of $2.10 which is 9 cents cheaper than last week. Drivers in Midland are paying the most on average at $2.72 while drivers in Sherman-Denison are paying the least at $1.95 per gallon.

Nationally, the average sits at $2.44, down 7 cents from a week ago.

AAA's Joshua Zuber says that for the first time in 18 months, the national gas price average is cheaper than a year ago. "Cheap crude oil prices are driving prices down at the pump. Last week, crude dropped to its lowest point of the year at $50 a barrel. However, today’s OPEC meeting could cause crude oil prices to jump if the organization decides to reduce crude production."

24 states saw gas prices drop double digits this week. Month-over-month, motorists are seeing the largest savings – up to 30 cents or more/gallon, including Texas. To boot, every state in the region has at least a few stations selling regular unleaded for $2/gallon or less.

On the week, oil stocks drew by nearly 950,000 barrels. The draw could likely be attributed to a high number of exports since regional refinery utilization jumped to 97 percent, according to U.S. Energy Information Administration data. With utilization up, stocks are likely to build in the coming week and keep pump prices low.

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