Gas prices remain below $2 a gallon in the Texoma region and across the state this week, making this year the first since 2005 in which drivers have been paying so little for fuel for so long.
Drivers in the Sherman-Denison metro area are paying an average of $1.91 per gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch released Thursday, Jan. 7. That’s up eight cents from last week’s $1.83 average but remains 31 cents below the $2.22 average price seen at this time last year.
Statewide, prices rose five cents over the week to land at $1.99 per gallon, the travel agency noted. That price is 29 cents less per gallon compared to the same day last year. Drivers in Texas are paying some of the cheapest prices at the pump, ranking second lowest in the country, according to gasprices.aaa.com.
Of the major metropolitan areas surveyed in Texas, drivers in Odessa are paying the most on average at $2.24 per gallon while drivers in the Sherman-Denison area are paying the least.
The Lone Star state average has been below $2 a gallon since mid-March, the longest streak since 2005 when the state average hit $2 a gallon for the first time.
A significant drop in demand as a result of COVID-19’s impact on travel and daily commutes has been the primary cause for the decline in gas prices since March, according to industry analysts. However, crude oil prices have mainly been on the rise over the past few weeks, which has in turn increased prices at the pump.
“The Texas statewide average has been below $2 a gallon for 300 days,” AAA Texas spokesperson Daniel Armbruster said in a press release. “However, the streak could end soon, if only briefly, in response to gradually rising crude oil prices.”
Prices were up to date at press time Thursday using market prices posted at 3:41 a.m.