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AAA Texas: Gas prices fall again despite market concerns and geopolitical tensions

Posted: 10:48 AM, Oct 25, 2018
Updated: 2018-10-25 11:49:29-04

(Coppell, TX) – The statewide gas price average in Texas is $2.58 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch .

That price is five cents less than this day last week and is 35 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 $3.06 while drivers in Sherman-Denison are paying the least at $2.44 per gallon. The national average price for a gallon of regular unleaded is $2.84, which is three cents less than this day last week and 38 cents more than the price per gallon at this same time last year.

Reduced refinery operations, due to peak maintenance season, have contributed to stable gasoline inventories amid lower demand, which is a contributing factor driving gas prices down. Gas prices have also dropped despite some market uncertainty looking ahead to possible geopolitical issues, specifically the Iranian sanctions expected to take effect in November.

“Motorists are paying less at the pump week-to-week yet again across Texas,” said Daniel Armbruster, AAA Texas/AAA New Mexico spokesperson. “For the next couple of weeks, market analysts suggest drivers can anticipate prices at the pump to fall, but there are concerns that Iranian sanctions could cause prices to reverse course once sanctions take effect in November.”

Gas prices continue to decline across South and Southeast region of the U.S. this week. Influencing part of the cheaper prices is that all Colonial pipeline and terminal operations in the Southeast and Mid-Atlantic have returned to normal following Hurricane Michael.