Drivers in Texas are paying the lowest gas price average in the country, according to AAA.
The Texas statewide gas price average fell for the 12th consecutive week, down 32 percent from the record high of $4.70 set on June 15. Crude oil prices have fallen nearly $15 per barrel since the end of August and have remained below $90 per barrel. West Texas Intermediate crude reached a high of $121 in mid-June and at the time of this release is trading at $83.
With crude oil making up approximately 50 to 60 percent of the cost of a gallon of gas, retail fuel prices will likely continue to decrease in the near future. However, fluctuations remain possible due to uncertainty surrounding Russia's war against Ukraine. "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."
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