AMARILLO, Texas — Officials from AAA Texas announced gas prices have dipped 32% from record highs during the summer.
According to a AAA Texas press release, Texas has the lowest average in the U.S. sitting at around $3.21 per gallon for regular unleaded. This is a 13-cent dip from this day last week and is 39-cent more from this day last year.
AAA Texas said the future is bright for consumers when it comes to gas prices due to crude oil making up approximately 60% of the cost of a gallon of gas likely to continue the gas price dip. AAA Texas stated that the uncertainty surrounding Russia’s war against Ukraine could fluctuate gas prices.
According to AAA Texas Weekend Gas Watch, the Texas gas price average has improved for the twelfth straight week setting after setting all record highs of $4.70 set on June 15. AAA Texas adds that Crude oil remained below $90 nearly taking a $15 dip per barrel since the end of August. AAA Texas reported that West Texas Intermediate crude was trading at a high of $121 in mid-June and is currently sitting at $83.
“Texas gas prices are down 32 percent from this summer’s record highs and are the cheapest in the nation today,” said AAA Texas spokesperson Daniel Armbruster. “Retail gas prices are expected to continue to decline as the price of crude oil decreases. However, fluctuations remain possible as markets are sensitive to geopolitical events such as the war in Ukraine.”
For more information on the AAA Texas Weekend Gas Watch, visit here.