Austin-area gas prices drop again against lower demand

January 10, 2019 - 8:04 am
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AUSTIN (KJCE) -- Prices at the pump are continuing to fall in the first full week of 2019, according to the latest numbers from AAA Texas.

The average price for a gallon of regular unleaded fuel across the Austin-San Marcos metro area is $1.93 this week, down four cents from last week and 31 cents cheaper than a year ago. Across the state, drivers are paying a cent less this week at $1.92, which is 34 cents lower than this time a year ago. Nationally, the average price dropped two cents to $2.23, which is 28 cents lower than a year ago.

Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $2.48 while drivers in Amarillo and Lubbock are paying the least at $1.82 per gallon.

Despite record motor vehicle travel for the year-end holiday period, demand for retail gasoline in the U.S. continued to decline, suggesting that demand this winter could be lower than expected. "Drivers in Texas continue to enjoy savings at the pump as demand for retail gasoline in the U.S. reaches an almost two-year low and the global crude market is oversupplied," said Daniel Armbruster with AAA Texas.

OPEC recently announced plans to tighten the global oil supply, a move that will likely cause oil prices to increase this year - which will eventually trickle down to retail gasoline prices.

Seven South and Southeast states are among the top 10 with cheapest gas prices in the country and include Arkansas, Oklahoma, Mississippi, Louisiana, South Carolina, Alabama and Texas.

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