Texas Gas Prices Slide Lower Despite Tensions Abroad

Published 07/31 2014 01:16PM

Updated 07/31 2014 01:29PM

IRVING, TX (PRESS RELEASE) -- The statewide average for a gallon of regular unleaded fuel in Texas is now $3.37, according to the AAA Texas Weekend Gas Watch. That price is four cents less than last week and 14 cents less than this time last year.

Of the major metropolitan areas surveyed in the Lone Star State, drivers in El Paso are paying the most at $3.45 per gallon while drivers in Amarillo are paying the least at $3.27 per gallon. The statewide average in Texas is 15 cents less than the national average of $3.52 per gallon.

Amid continuing geopolitical tensions in Eastern Europe, the Middle East and Northern Africa, American drivers are paying the lowest average retail prices at the pump since mid-March. This is due to U.S. refineries running near their highest rates since 2005, according to the Energy Information Administration, and domestic demand that has reportedly dropped.

The global oil market continues to closely monitor the situation abroad, including tensions between Ukraine and Russia, Hamas and Israel, and production issues in Libya due to civil unrest.  Analysts say these events have not impacted global supply, but could be factors that may limit how far U.S. pump prices can fall.
“Now is a great time to take advantage of lower fuel prices and take one last summer road trip before school starts,” said AAA Texas/New Mexico Representative Doug Shupe. “Currently, Texans are paying about $47 to fill up a 14-gallon size fuel tank.  Vacationers can visit their nearest AAA Texas branch office and speak with an experienced travel agent for free to learn about even more ways to save on end of summer trips.”

(Press release by AAA Texas) 

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