Summer savings at the pump as gas prices drop again this week

June 13, 2019 - 8:22 am
Categories: 

AUSTIN (Talk1370.com) -- Summer savings continue at the pump, according to the latest numbers from AAA Texas.

The average price for a gallon of regular unleaded fuel across the Austin area is $2.38 this week, down five cents from a week ago and 32 cents cheaper than this time last year. Statewide, the average is down four cents to $2.41, and the nationwide average is down six cents to $2.72 this week.

Drivers in McAllen and Midland are seeing the state's extremes, with McAllen seeing the state's lowest average of $2.22 a gallon and Midland seeing the highest at $2.64.

Across Texas, gas price averages in every city surveyed by AAA dropped week-to-week, with the exception of Dallas, Laredo and Sherman. Refinery utilization in the United States is at its highest level since early January, resulting in overall gasoline stocks at healthy levels to meet robust summer demand. Prices are dropping due to cheaper crude oil and at the same time U.S. supply is keeping pace with demand.

"As long as supply keeps pace with demand and crude oil prices remain low, Texans will continue to see savings at the gas pump this summer," said Daniel Armbruster with AAA Texas. "Regional gasoline stock inventories are at the largest level on record for early June."

Gasoline stock inventories sit ahead of this time last year and are at the largest level for this time of year (early June) on record for the region, per Energy Information Administration data. If high inventory levels remain in place, drivers in the southern region of the U.S. can expect to see even cheaper gas prices throughout the summer.

AP Editorial Categories: 
Comments ()