Gas Watch: Prices drop again as supplies build

Talk 1370 Newsroom
August 15, 2019 - 7:54 am

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AUSTIN (Talk1370.com) -- Gas prices are continuing to fall as supply continues to build, according to AAA Texas' Weekend Gas Watch.

The average price for a gallon of regular unleaded gasoline across Austin is $2.39 this week, down four cents from a week ago and 22 cents cheaper than this time last year.

Statewide, the average is $2.37 this week - a six cent decrease from a week ago and 24 cents cheaper on the year. Across the country, drivers are paying an average of $2.64, which is four cents cheaper than last week and 21 cents cheaper than a year ago.

Looking at metropolitan areas across the state, drivers in McAllen are seeing the lowest prices at $2.19 a gallon; drivers in Midland and Odessa are paying the most at $2.59.

Domestic gasoline stocks built by a surprising 4.4 million barrels, according to the Energy Information Administration’s (EIA) latest data. Contributing to the build was at least 1.2 million barrels per day of imports at U.S. ports. With the large bump, stocks now sit at levels not seen since the end of March.

"Most Texans are saving nearly a quarter or more per gallon at the pump compared to this same time last year," said Daniel Armbruster with AAA Texas. "Gasoline supplies continue to increase and are now at levels not seen in five months, forcing prices lower."

The latest weekly declines continue to position the South and Southeast as the region with the cheapest gas, with 7 of the 10 least expensive averages in the country: Louisiana ($2.26), Mississippi ($2.27), South Carolina ($2.29), Alabama ($2.30), Arkansas ($2.31), Oklahoma ($2.34) and Texas ($2.37).

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