Gas prices are down a dime this week in the Texoma region, AAA Texas announced Thursday.
In its Weekend Gas Watch released Aug. 8, the travel agency showed the average price of a gallon of unleaded gas had fallen to $2.31 in the Sherman-Denison metro area. Last Thursday, prices averaged $2.41, AAA Texas indicated.
Thursday’s regional average is also 27 cents less than the average for the same day last year, according to the travel agency.
Statewide, prices averaged $2.43 per gallon as of Thursday, four cents less than on the same day last week and 20 cents less per gallon compared to the same day last year.
Of the major metropolitan areas surveyed in Texas, drivers in Midland and Odessa are paying the most on average at $2.60 while drivers in McAllen are paying the least at $2.26 per gallon.
Market analysts attribute the recent price decreases to an increase in regional refinery utilization, growing gasoline supply and a dip in demand.
Historically, Texas gas prices increase in late spring and begin to decline during the month of August as summer driving season starts to wind down, an AAA Texas spokesperson noted.
“As many families prepare for the beginning of another school year, demand for retail gasoline is starting to decline,” Daniel Armbruster said. “If demand continues to fall it’s likely Texans will continue to see cheaper gas prices through August as summer driving season winds down.”
Motorists in the South and Southeast saw some of the largest declines at the pump and all states in the region have cheaper gas prices on the week. Texas was on the top 10 list of largest weekly changes nationwide.
Prices were up to date at press time using market prices posted at 3:41 a.m. Thursday.