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AAA Texas: Gas prices fall amid dropping consumer demand

Posted: 11:43 AM, Oct 18, 2018
Updated: 2018-10-18 18:57:25-04

The statewide gas price average in Texas is $2.63 for a gallon of regular unleaded fuel, according to the AAA’s  Texas Weekend Gas Watch.

That price is four cents less than last week and is 36 cents more per gallon compared to this day last year.

Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $3.11 while drivers in Brownsville-Harlingen and Sherman-Denison are paying the least at $2.53 per gallon. The national average price for a gallon of regular unleaded is $2.87, which is the four cents less than this day last week and 41 cents more than the price per gallon at this same time last year.

After a few weeks of unseasonable increases at the pump, gas prices dipped slightly week-to-week. Market analysts credit falling demand for the price drop.

Market analysts will also likely be monitoring several key geopolitical issues in the Middle East and Venezuela. But despite those issues, and temporary disruptions from Hurricane Michael along with a natural gas pipeline rupture in the Western Canadian province of British Columbia, prices seem to have stabilized and even fell a few pennies in some areas since last week.

“Gas prices may be showing signs that they are taking a turn toward slowly decreasing, which is a welcomed change for motorists who have been paying unseasonably high pump prices to fill-up,” said Joshua Zuber, AAA Texas/AAA New Mexico spokesperson. “Two events last week caused small spikes in retail prices in some areas, but those spikes are short-lived.”

Hurricane Michael caused pump prices in Georgia to briefly increase a few cents on the week. However, Florida, South Carolina and Alabama, which were also affected by the storm, saw minimal to no impact on gas prices.

All other states in the South and Southeast are paying less or saw no change in pump prices from last week.