For the fifth week in a row, Texoma drivers are paying for the cheapest gas in the state, averages announced Thursday by AAA Texas indicate.
Gas prices in the Sherman-Denison metro area fell four cents this week to land at $1.92 on average for a gallon of unleaded fuel, the AAA Texas Weekend Gas Watch showed. That’s down from $1.96 last week and below the $1.97 average seen at this time last year, according to the travel agency.
Statewide, gas prices are averaging $2.08 per gallon of regular unleaded, three cents less than on the same day last week and 10 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 $2.34.
Taken as a whole, Texas gas prices may be a dime more expensive than last year, but that price gap has been shrinking steadily. It’s the smallest year-over-year difference seen in two months, according to an AAA analysis. Many gas stations across the Lone Star State, not just in Texoma, are seeing sub-$2 per gallon for regular unleaded. The last time AAA Texas reported gas prices below $2 a gallon for the whole state was over a year ago, in January 2019.
“Gasoline stocks persist at a healthy level and demand remains at winter-like readings which is leading to lower gas prices,” said AAA Texas spokesperson Daniel Armbruster. “Market analysts will be watching closely, however, to see if the Organization of the Petroleum Exporting Counties (OPEC) will cut crude production due to the impact of the coronavirus on global oil demand.”
The South and Southeast regions boast the some of the least expensive gas prices averages in the country except for Florida.
Prices were up to date at press time using market prices posted at 3:41 a.m. Thursday.