Gas Watch: Abundant supply brings lower prices at Austin-area gas pumps

Talk 1370 Newsroom
January 16, 2020 - 8:08 am
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AUSTIN (Talk1370.com) -- Gas prices across the Austin metro have dropped slightly this week, according to the latest numbers from AAA Texas.

The average price for a gallon of regular unleaded fuel in Austin is $2.24 this week. That's three cents cheaper than a week ago, and 30 cents higher than a year ago, when the average was $1.94 a gallon.

Across the state, Texans are paying an average of $2.26 a gallon, which is four cents cheaper than last week and 33 cents higher than a year ago. The nationwide average sits at $2.57, three cents cheaper than last week.

Drivers in Midland are paying the most in Texas on average at $2.49, while drivers in Sherman/Denison are paying the least at $2.13 per gallon.

Despite crude oil price fluctuation and growing geopolitical concerns with Iran in recent weeks, gas price averages across the country are falling. Texas drivers are saving at the pump, week-to-week, thanks in large part to a healthy and growing level of regional gasoline stocks along with decreasing demand.

"Increasing gasoline supplies continue to help put downward pressure on pump prices," said Daniel Armbruster with AAA Texas. "As long as supplies remain healthy and demand for gas is low, drivers should continue to see lower pump prices."

According to the Energy Information Administration's latest report, total gas stocks in the region grew by just over one million barrels to 32.65 million barrels, week-to-week. The current supply level is nearly two million barrels higher than last year's level at this time, which will likely continue to help prices in the region decline throughout the week.

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