Midland-Odessa only cities in state with gas above $2
The statewide gas price average in Texas is $1.92 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is one cent less than this day last week and is 34 cents less per gallon compared to this day 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.
The national average price for a gallon of regular unleaded is $2.23, which is two cents less than this day last week and 28 cents less than the price per gallon at this 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, suggesting that demand this winter could be lower than expected. With demand at its lowest point since February 2017 and the fact that the global crude market continues to be oversupplied, retail gasoline prices continue falling in many areas. 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.