Gas Watch: Austin area prices sink on decreased demand

Talk 1370 Newsroom
July 23, 2020 - 11:38 am
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AUSTIN (Talk1370.com) -- Decreased demand is leading to a decrease in gas prices across Austin, according the latest AAA Texas Weekend Gas Watch.

The average price for a gallon of regular unleaded fuel in the Austin-San Marcos metro area is $1.88 a gallon this week, down five cents from last week and 60 cents cheaper than this time last year.

Statewide, the average is down two cents this week to $1.90, while drivers across the country are paying a penny less than last week at $2.19 a gallon.

Across the state's major metropolitan areas, drivers in El Paso are paying the most on average at $2.15 while drivers in San Antonio are paying the least at $1.79 per gallon.

Pump prices around the Lone Star State are slightly less expensive from last week due to an increase in regional gasoline stocks and U.S. demand falling by nearly 100,000 barrels a day, according to the latest data from the Energy Information Administration.

Analysts say market volatility is low, at least for the moment - meaning drivers will likely see little price movement over the next few weeks, barring any major impacts to refinery operations in the Gulf of Mexico due to tropical activity.

"While the summer driving season is underway, many drivers have not yet returned to their normal routines as COVID-19 concerns remain," Daniel Armbruster with AAA Texas said. "It appears gasoline demand has tapered off from the beginning of the month, which could mean slightly less expensive prices at the pump."

Drivers in Texas are paying some of the cheapest prices at the pump, ranking 5th lowest in the country. Only nine other states are paying below $2 a gallon on average.

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