Stock photo/Dreamstime

Gas prices down slightly again this week, AAA says

Austin-area average down two cents this week

May 16, 2019 - 8:24 am
Categories: 

AUSTIN (Talk1370.com) -- Gas prices are down for the second week in a row, according to the latest numbers from AAA Texas.

The average price for a gallon of regular unleaded in the Austin area is $2.51 this week. That's down two cents from last week and 13 cents cheaper than this time a year ago. The statewide average saw a similar dip - down one cent to $2.58, which is 12 cents cheaper than a year ago.

Nationwide, the average dipped two cents to $2.86, which is four cents cheaper than a year ago.

Across Texas, every city surveyed by AAA now has a price average below 2018 levels. The biggest difference in the price today compared to one year ago can be found in El Paso, where drivers are paying 27 cents less for a gallon of regular unleaded. Meanwhile, motorists in some cities are seeing smaller savings, such as six cents less per gallon in the Galveston and Wichita Falls areas, compared to this day one year ago.

Market analysts note there are many factors that could quickly push up gas prices in the coming weeks, including the impact of Chinese tariffs, warmer weather, a major draw in gasoline stock levels, a spike in demand or the volume of Memorial Day weekend travel.

"Drivers in every city across Texas, surveyed by AAA, are paying less for a gallon of gasoline compared to one year ago,” said Daniel Armbruster, AAA Texas/AAA New Mexico spokesperson. "However, market analysts caution the recent drop in prices may only be temporary. A spike in demand for retail gasoline could force prices to jump higher as millions are expected to hit the road for Memorial Day weekend, among other factors."

Gas prices are decreasing despite the Energy Information Administration’s (EIA) latest reports which show an increase in demand to summer-like levels and a decrease in gasoline stocks. The move to cheaper gas prices indicates that demand and supply are potentially leveling out. This is the first time in three months that gas prices have shown consistent signs of declining.

AP Editorial Categories: 
Comments ()