TEXAS, USA — Gasoline demand has hit its lowest point since the spring of 1968, with the national average price per gallon of regular unleaded at $1.89.
The current gas price average in Texas is $1.63 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch.
The price has already dropped seven cents since last week, and compared to last year, prices have dropped 86 cents per gallon.
Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $1.88 while drivers in Sherman/Denison are paying the least at $1.23 per gallon.
The newest Energy Information Administration (EIA) weekly report puts demand at nearly 5.1 million barrels per day – a nearly 52-year low – and it’s likely to go even lower as Americans are urged to stay at home.
“Drivers in the Lone Star state haven’t seen gas prices this cheap in four years,” said AAA Texas spokesperson Daniel Armbruster. “Gasoline demand continues to decline as many people adhere to shelter-in-place orders."
Armbruster said market analysts are watching to see if the Organization for Petroleum Exporting Countries will agree on a crude oil production cut and how it will affect gasoline prices.
Refinery rates are consequently reducing in order to balance the amount of gasoline being supplied in the country. The U.S. refinery utilization average is down to 76%, the lowest it has been at since October 2005.
National & Texas gas prices:
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