SAN ANGELO, TX — The average gas price in Texas dropped by one cent from last week to $2.69 per gallon for regular unleaded fuel, according to AAA Texas’ Weekend Gas Watch.
This represents a three-cent increase compared to this time last year.
San Angelo saw one of the larger weekly declines in gas prices, with the average falling 11 cents to $2.74 per gallon. Meanwhile, Lubbock boasts the state’s lowest prices at $2.52 per gallon, while El Paso drivers are paying the highest average at $2.84 per gallon. The national average sits at $3.10 per gallon, up three cents from a week ago and a year ago.
The Energy Information Administration (EIA) has released its latest report, highlighting a downward trend in gasoline demand alongside an increase in supply levels. This would normally lead to even lower gas prices. However, something to keep an eye on is rising crude oil prices.
West Texas Intermediate (WTI) crude is up $6 per barrel since the start of the year. As the primary component of fuel, crude oil constitutes approximately 50% of the cost of each gallon of gasoline. The increase in crude oil prices could potentially mean higher gas prices in Texas as we enter the second half of January, AAA Texas reported.
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