Summer savings grow at the pump as retail gas prices drop

Statewide gas price average drops another four cents week-to-week; 32 cents less than one year ago

The statewide gas price average in Texas is $2.41 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is four 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 on average at $2.64 while drivers in McAllen are paying the least at $2.22 per gallon. Drivers in Walker County are paying an average of $2.39 per gallon.

The national average price for a gallon of regular unleaded is $2.72, which is six cents less than this day last week and 18 cents less than the price per gallon at this same time last year.

Across Texas, gas price averages in every city surveyed by AAA dropped week-to-week, with the exception of Dallas, Laredo and Sherman. Refinery utilization in the United States is at its highest level since early January, resulting in overall gasoline stocks at healthy levels to meet robust summer demand. Prices are dropping due to cheaper crude oil and at the same time U.S. supply is keeping pace with demand.

“As long as supply keeps pace with demand and crude oil prices remain low, Texans will continue to see savings at the gas pump this summer,” said Daniel Armbruster, AAA Texas spokesperson. “Regional gasoline stock inventories are at the largest level on record for early June.”

Gasoline stock inventories sit ahead of this time last year and are at the largest level for this time of year (early June) on record for the region, per Energy Information Administration data. If high inventory levels remain in place, drivers in the southern region of the U.S. can expect to see even cheaper gas prices throughout the summer.