Gas Watch: Prices fall ahead of July 4th holliday

June 28, 2018 - 8:59 am

AUSTIN (KJCE) -- Ahead of what AAA predicts will be a record-setting July 4th holiday in terms of travel, Austin area gas prices have dropped for another week.

AAA says the average price for a gallon of regular unleaded in the Austin-San Marcos metro area is $2.63, down three cents from last week. It's 58 cents higher than this time last year, when the average sat at $2.05.

Across the state of Texas, the average is $2.65, down four cents from last week and up 60 cents from a year ago. Drivers in Midland are paying the most on average at $3.08 while drivers in Brownsville and Harlingen are paying the least at $2.48 per gallon.

Nationwide, the average dropped two cents to $2.85 this week, which is also up 60 cents from a year ago.

Gas prices in Texas and many parts of the country have consistently been declining since Memorial Day. In fact, Texas was tied for 10th place among states with the largest weekly average price decrease. However, increased demand over the 4th of July holiday period could slow the declining trend or possibly cause prices to tick back up slightly in the coming days, according to market analysts. Nonetheless, many Texas motorists will enjoy some relief at the pump as they hit the roads in the coming days.

AAA Texas forecasts that a record 2.9 million Texans will drive to their destination during the Independence Day holiday period, which runs from July 3, 2018 to July 8, 2018. 3.4 million Texans total are expected to travel either by car, plane, bus, cruise or train over the holiday period.

While gas prices are trending downward in many parts of the south and southeastern region of the U.S., prices are 49 to 70 cents more expensive compared to this time last year. Domestic and global demand for crude from the U.S. remains high as OPEC works to increase the amount it supplies around the world.

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