AAA Texas: Gas prices down as tropical storm nears U.S

AMARILLO, Texas (KAMR/KCIT) — The state of Texas continues to see relief at the gas pumps, with statewide gas prices averaging $3.09 per gallon for regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. The average price is four cents less than the previous week and 37 cents less than last year at this time.

In the Amarillo area, gas prices are averaging $2.96 per gallon, an increase of six cents from a week ago. The average from last year was $3.43 per gallon, a difference of 47 cents. Overall, in the state, Amarillo is third in cheapest gas prices behind Victoria at $2.95 and Lubbock at $2.91 per gallon, according to the report.

As state prices continue to fall, the U.S. average is seeing improvements. Gas prices are averaging $3.48 per gallon, a decrease of four cents from a week ago. The national average is lower than a year ago, with the average price at $3.78 per gallon, a difference of 30 cents.

AAA Texas details a possible tropical storm approaching the Caribbean Sea. Should it enter the Gulf of Mexico, it could increase the price of oil. According to data from the Energy Information Administration, gas demand decreased from 9.45 million barrels per day to 9.25 last week. Domestic gasoline stocks also saw a decrease from 227.4 million barrels per day to 223.8.

As gasoline demand decreases, higher oil costs may lead to flat or slowly rising costs at the pump. AAA Texas also notes it all depends on the tropical season this year.

For the latest Amarillo news and regional updates, check with MyHighPlains.com and tune in to KAMR Local 4 News at 5:00, 6:00, and 10:00 p.m. and Fox 14 News at 9:00 p.m. CST.