Gas Watch: Austin-area prices drop slightly this week

Demand drops to typical fall levels ahead of expected record-setting Thanksgiving travel season

Talk 1370 Newsroom
November 14, 2019 - 9:09 am
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AUSTIN (Talk1370.com) -- Gas prices are down slightly this week, according to the latest AAA Texas Weekend Gas Watch.

The average price for a gallon of regular unleaded fuel in the Austin metro is $2.24 this week, down a cent from last week and 15 cents cheaper than a week ago. Across the state, drivers are paying an average of $2.26, down two cents this week; drivers across the country are paying an average of $2.61, also down two cents this week.

Tyler and Victoria are seeing some of the state's lowest prices, with drivers paying an average of $2.19 per gallon; Midland continues to have the state's highest average at $2.43 a gallon.

Analysts say the latest Energy Information Administration (EIA) gasoline demand reading reflected the most fall-like numbers since the end of September, at 9.1 million barrels per day. Despite the lower demand, gasoline stocks drew by a significant 2.8 million barrels in part due to high exports. "Texans are paying 11 cents less for retail gasoline compared to this time last year, which is promising news for the 3.8 million planning to drive over the upcoming Thanksgiving holiday," said Daniel Armbruster with AAA Texas. "While prices are down slightly compared to last week, fluctuations remain possible through the end of the month."

In the week ahead, gas prices have the potential to push moderately more expensive, especially with the latest regional refinery utilization rate down nearly 3% to 87%.

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