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Austin-area gas prices dip slightly again

August 16, 2018 - 8:06 am
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AUSTIN (KJCE) -- Gas prices across the country took another slight dip this week, according to the latest numbers from AAA Texas.

The average price for a gallon of regular unleaded in the Austin area is $2.61, down one cent from last week and 49 cents higher than this time last year.

Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $3.07 while drivers in McAllen are paying the least at $2.49 per gallon.

The statewide and national averages dropped two cents each, to $2.61 and $2.85 respectively. The nationwide average is 50 cents higher than this time last year; across Texas, drivers are paying an average of 45 cents more compared to this time last year.

With prices around the country falling or remaining flat, this suggests that U.S. gasoline supply and demand are balancing, but market analysts caution we could see spikes in demand closer to Labor Day as motorists squeeze in end-of-summer road trips. The Energy Information Administration’s (EIA) latest reports detail a drop in consumer gasoline demand and a build in gasoline inventories.

"Demand for retail gasoline has dropped week-to-week causing prices in many areas of Texas to fall," said Daniel Armbruster with AAA Texas. "With Labor Day around the corner, demand could spike. Before drivers take off on end-of-summer road trips, they should have their vehicle serviced by a trusted mechanic and make sure their tires are properly inflated to get the most out of each gallon of gasoline."

The majority of states in the South and Southeast saw gas prices drop between one and two cents on the week. However, Florida saw prices increase by six cents.

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