With approximately one month remaining before the start of the shift from more expensive summer blend gasoline to the relatively less expensive winter blend, state and national gas prices averages continue to drift lower.
Geopolitical tensions in Russia, Ukraine and Iraq continue to make headlines, but unlike years past when global events would lead to concerns of supply disruptions and subsequently sharp increases in oil prices, these events have been largely dismissed as global oil prices continue to slide. This is largely due to the relative stability of global supply projections, attributed to the U.S. approaching its highest annual level of production since 1972 and Libya’s returning to previous production levels.
“Texans are now paying about $46 to fill up the typical 14-gallon size fuel tank which is about two dollars less per tank than this time last year,” said AAA Texas/New Mexico Representative Doug Shupe. “That savings will benefit many people who will be driving around this weekend getting their students ready to return to school on Monday.”
(Press release by AAA Texas)