Gas prices in the Texoma region remained stable this week.
The average price for a gallon of regular unleaded fuel was $1.83 in the Sherman-Denison metro area, AAA Texas announced Thursday, Dec. 31, in its Weekend Gas Watch. That’s unchanged from last week and is 44 cents lower than the $2.27 average at the same time last year.
Statewide, prices averaged $1.94 per gallon this week, a penny less than on the same day last week and 35 cents less per gallon compared to the same day last year.
Of the major metropolitan areas surveyed in Texas, drivers in Odessa are paying the most on average at $2.13 while drivers in the Sherman-Denison area are paying the least.
The national average price for a gallon of regular unleaded is $2.25, which is the same price when compared to last week and 33 cents less than the price per gallon at this same time last year.
Throughout 2020, on average for the entire year, drivers in Texas have been filling up with the cheapest gas in 16 years, according to AAA historical gas price data. The annual average for a gallon of regular unleaded statewide this year was $1.87. The last time Texas had a cheaper statewide annual average was in 2004 at $1.74 per gallon. Plus, 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 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, according to industry analysts, and this trend could continue into early 2021.
“While the state’s pump price average has been flirting with returning to $2 a gallon, the annual average for a gallon of regular unleaded is the cheapest it’s been in 16 years,” said AAA Texas spokesperson Joshua Zuber. “And gas price averages may be headed down again after the year-end holiday travel season concludes in early January.”
Drivers in Texas are paying some of the cheapest prices at the pump, ranking second lowest in the country, according to gasprices.aaa.com.
Prices were up to date at press time using market prices posted at 3:41 a.m. Thursday.