Gas Watch: Low demand sends Austin-area prices downward

Talk 1370 Newsroom
August 06, 2020 - 2:03 pm
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AUSTIN (Talk1370.com) -- A dip in demand at the pump sent Austin-area gas prices downward this week, according to AAA Texas' Weekend Gas Watch.

The average price for a gallon of regular unleaded fuel in the Austin area is $1.84 this week, down two cents from last week and 60 cents cheaper than a year ago. Across the state, drivers are paying an average of $1.85, down four cents from last week and 59 cents cheaper than a year ago.

The nationwide average is down one cent this week to $2.18, which is 52 cents cheaper than a year ago.

Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $2.06 while drivers in Sherman-Denison are paying the least at $1.74 per gallon.

Prices across the state are at their lowest point since the end of June. The downward trend is likely to continue as gasoline demand dropped across the country week-over-week by about two percent and regional gas supplies increased by nearly one percent. The price of crude oil has been on the rise, but not significantly enough to drive current gas prices higher.

"Historically, gas prices in Texas tend to fluctuate during August, and drivers will likely see some fluctuation this month as well," said Daniel Armbruster with AAA Texas. "However, prices likely won’t spike due to continued COVID-19 concerns and lower demand for gasoline."

Drivers in Texas are paying some of the cheapest prices at the pump, ranking 2nd lowest in the country, according to AAA data.

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