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AAA: Austin area gas prices drop again this week

December 13, 2018 - 11:43 pm
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AUSTIN (KJCE) -- Gas prices are down again across the Austin area this week, according to the latest AAA Texas Weekend Gas Watch.

The average price for a gallon of regular unleaded in the Austin metro is $2.10, down four cents from last week and eight cents cheaper than a year ago. The decline is roughly the same across the state and the country, with Texas prices decreasing three cents to an average of $2.07 and the national average dropping four cents to $2.40.

Drivers in Amarillo are paying the least for gas, an at average of $1.92 per gallon; while drivers in Midland are paying the state's highest prices at an average of $2.63.

Gas prices are five to seven cents cheaper on the week and as much as 17 cents less expensive year-over-year across the south and southeast regions of the U.S.

The last time the national average was cheaper on the week, month and year was during July 2017. However, pump prices this cheap may not last into 2019. Recently, the Organization of the Petroleum Exporting Countries (OPEC) announced that the cartel and non-OPEC members, including Russia, will reduce production for the first six months of the year. While the decision will help to reduce the high level of global crude supply, the move has the potential to increase oil and gas prices.

"As millions of Texans prepare to hit the roads for the holidays, gas prices continue coming down," said Daniel Armbruster with AAA Texas. "Cheaper gas prices may not last long into 2019 as OPEC recently announced production cuts that aim to reduce global crude supply and could increase oil and gas prices in the United States."

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