Gas prices in the Texoma region dropped to under $2 a gallon to become the cheapest in the state for the fourth week in a row, AAA Texas announced Thursday.
The average price for a gallon of unleaded fuel fell six cents in the Sherman-Denison metro area to land at $1.96 as of Feb. 6, the travel agency listed in its Weekend Gas Watch. That’s down from last week’s average of $2.02 and is just a penny higher than the $1.95 average at this time last year.
Statewide, gas prices are averaging $2.11 per gallon, five cents less than last Thursday and 13 cents more per gallon compared to the same day last year. Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $2.38.
Motorists are paying less to fill up especially as crude oil prices are less expensive, an AAA analysis indicates. Crude oil prices are about $10 less a barrel compared to the beginning of the year. Plus, market analysts cite U.S. gasoline stocks hovering around all-time highs as a contributing factor for cheaper fuel prices.
“Cheaper crude and healthy stock levels mean motorists can expect prices to continue to decline this month,” AAA Texas spokesperson Daniel Armbruster said in a press release. “There may be some volatility with crude oil prices, however, as many market analysts will be watching the economic impact of the coronavirus and whether the Organization of Petroleum Exporting Countries will consider further oil production cuts.”
Gas can be found for less than $2 a gallon at stations in every state in the South and Southeast except in Florida, according to AAA Texas. In the next week, the agency said, drivers can expect an increase in the number of gas stations selling fuel for less than $2 per gallon.
Prices were up to date at press time using market prices posted at 3:41 a.m. Thursday.