MIDLAND, Texas — The average price for gas statewide for Texas this week sits at $2.45 a gallon according to AAA Texas. That price is six cents less than on this day last week and is 32 cents less per gallon compared to this day last year.
Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most for all the state with an average price of $2.70 a gallon. Meanwhile drivers in McAllen are paying the least at $2.25 per gallon.
The national average price for a gallon of regular unleaded is $2.78, which is 4 cents less than this day last week and 16 cents less than the price per gallon at this same time last year.
This year, the most expensive West Texas Intermediate (WTI) crude oil prices, which AAA Texas tracks to understand impact on pump prices, have ranged between $65 and $66/bbl. Most recently WTI crude fell as low as $51 per barrel. That is cheaper than last summer when prices ranged between $65 and $73 per barrel. The price of crude is a driving factor when it comes to retail gasoline prices, accounting for nearly 60% of the price drivers see at the pump year-round.
While crude prices have been cheaper this year, AAA Texas is monitoring a number of circumstances that could cause crude oil market prices to increase. This includes reductions in global and domestic crude supply, exports, and U.S. gasoline demand.