Gas Watch: Pump prices drop again, inching closer to 2019 levels

Talk 1370 Newsroom
February 13, 2020 - 1:27 pm
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AUSTIN (Talk1370.com) -- Prices at the gas pump continued to fall this week, inching closer to 2019 levels, according to the latest data from AAA Texas.

The average price for a gallon of regular unleaded fuel in the Austin metro area is $2.09 this week, down three cents from last week and 12 cents higher than this time a year ago.

Similar declines are being seen across the state, with the average dropping three cents this week to $2.08. This time a year ago, Texas drivers were paying an average of $1.98 a gallon. Across the country, the average sits at $2.43 a gallon, down two cents from last week and some 16 cents higher than a year ago.

Drivers in Midland are seeing some of the state's highest pump prices, paying an average of $2.34 a gallon, while drivers in Sherman/Denison are paying an average of $1.92 a gallon.

Texas gas prices may be 10 cents more expensive than last year, but that price gap has been shrinking steadily. It’s the smallest year-over-year difference seen in two months. It is a similar story on a national scale where the price gap year-over-year is also dwindling. Plus, many gas stations are seeing sub $2 per gallon for regular unleaded across the Lone Star State. The last time AAA Texas reported gas prices below $2 a gallon for the whole state was back in January 2019.

"Gasoline stocks persist at a healthy level and demand remains at winter-like readings which is leading to lower gas prices," said Daniel Armbruster with AAA Texas. "Market analysts will be watching closely, however, to see if OPEC will cut crude oil production due to the impact of the coronavirus on global demand."

The South and Southeast regions boast the some of the least expensive gas prices averages in the country except for Florida.

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