Texoma gas prices have stopped falling, at least for a week.
The average price for a gallon of unleaded gas in the Sherman-Denison metro area rose to $1.86 this week, up six cents from last week’s average of $1.80. While Texoma prices are no longer the cheapest of all Texas metro areas, the area’s average is still 35 cents cheaper compared to the same time last year, according to AAA Texas.
Average prices statewide landed at $1.92 for regular unleaded fuel, the travel agency indicated Thursday, Jan. 10 in its Weekend Gas Watch. That’s a penny less than the average for the same day last week and 34 cents lower than this time last year.
Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $2.48 while drivers in Amarillo and Lubbock are paying the least at $1.82 per gallon, according to the travel agency.
Nationally, gas prices are averaging $2.23 for unleaded, which is two cents less than last Thursday and 28 cents less than the price per gallon at the same time last year.
Despite record motor vehicle travel for the year-end holiday period, demand for retail gasoline in the U.S. continued to decline, according to AAA Texas. The travel agency suggested that could be due to demand this winter being lower than expected.
With demand at its lowest point since February 2017 and continued oversupply in the global crude market, retail gasoline prices continue falling in many areas, AAA Texas noted. However, OPEC recently announced plans to tighten global supplies. The move is likely going to cause oil prices to increase this year and eventually retail gasoline prices will likely increase, as well.
“Drivers in Texas continue to enjoy savings at the pump as demand for retail gasoline in the U.S. reaches an almost two-year low and the global crude market is oversupplied,” Daniel Armbruster, AAA Texas/AAA New Mexico spokesperson, said in a press release.
Prices were up to date at press time using market prices posted at 3:41 a.m. Thursday.