AAA Texas: Gas prices drop as busy summer travel season nears

PERMIAN BASIN (KMID/KPEJ)- The statewide gas price average in Texas is $3.12 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is 11 cents less than on this day last week and is 76 cents less per gallon compared to this day last year. 

Average gas prices in Ector and Midland counties hover around the statewide average at $3.10 and $3.20 respectively, while average gas prices in many other parts of the Permian Basin are currently averaging around $3.45.

Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.36 per gallon while drivers in McAllen are paying the least at $2.88 per gallon. The national average price for a gallon of regular unleaded is $3.57, which is seven cents less when compared to this day last week and 66 cents less than the price per gallon at this same time last year.

Crude oil prices continue to tumble as concerns of an economic slowdown persist along with the Federal Reserve raising interest rates again. Demand also dropped across the country while regional fuel supplies increased. The outlook for travel remains strong, so market watchers will be waiting to see how those predictions may influence prices at the pump in the coming weeks. 

Memorial Day is the official kickoff to summer driving season. Historically gas prices increase at the beginning of summer and recede as autumn approaches.

“If crude oil pri...