Gas Watch: Austin metro prices down again this week, inching closer to $3 mark

Gas pump
Photo credit Getty Images

AUSTIN (Talk1370.com) -- Gas prices continued to decline this week across the Austin area, according to the latest data from AAA Texas' Weekend Gas Watch.

The Austin metro average for a gallon of regular unleaded fell to $3.18 a gallon this week, which is down 7 cents from last week and 41 cents higher than this time last year.

Despite the average, several stations across the city are now selling regular unleaded for less than $3 a gallon, with some as low as $2.77 a gallon.

Across the state, drivers are also paying an average of $3.18 a gallon this week - a three cent drop from last week, and some 37 cents higher than a year ago.

Drivers in El Paso are paying the most on average at $3.36 per gallon while drivers in McAllen and San Angelo are paying the least at $2.99 per gallon.

The Texas statewide gas price average fell for the 13th week in a row as the price of crude is impacted by conflicting headlines. Some cities, however, have seen pump price averages jump as the price of crude oil fluctuated over the past week, primarily to the upside.

Keeping oil prices relatively in check are continued concerns for an economic slowdown in the face of inflation and rising interest rates. On the other hand, energy prices remain elevated with the ongoing war in Ukraine. Ultimately, the retailer sets the price consumers pay at the pump.

“The crosswinds in the oil and gas market remain strong and conflicting,” said AAA Texas spokesperson Joshua Zuber. “Overall, the market has been pricing in an economic slowdown in the face of inflation while the energy industry continues to factor in supply worries with the war in Ukraine.”

Featured Image Photo Credit: Getty Images