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Gas prices see another slight dip this week

September 13, 2018 - 8:19 am
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AUSTIN (KJCE) -- Austin-area gas prices are down slightly again this week, according to the latest numbers from AAA Texas.

The average price for a gallon of regular unleaded in the Austin metro is $2.59, down one cent from last week. It's a four cent increase from this time last year.

Across Texas, the average price is down one cent to $2.61. That's nine cents higher than this time last year. The national average is down one cent as well to $2.84, up 18 cents from this time a year ago.

Drivers in Midland are paying the highest average price in Texas at $3.04, while drivers in Lubbock are paying the least at $2.52 per gallon. Both of those averages are down slightly week-to-week.

Demand for gas has been strong in most places across the country, including Texas. Regional gasoline inventories had a small increase this week. Gas prices could see bigger drops if inventories increase and demand decreases, which market analysts anticipate will occur in the coming weeks.

"Demand for gasoline has been strong all summer long, which has kept gas prices at the highest levels in about four years," said Daniel Armbruster with AAA Texas. "While demand for gasoline remains strong, the switchover to winter-blend gasoline is fast approaching by the end of this week into next. This should cause gas prices to decrease, in Texas and the southern region of the United States, over the coming days."

AAA says it will be monitoring gas prices as Hurricane Florence heads toward the east coast. Motorists specifically in the Carolinas and Virginia could see a brief, possibly dramatic, spike in gas prices. However, there are no current threats to U.S. refining capabilities, and the impact on local gas prices should be limited, if any.

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