Area gasoline prices backtrack after sharp rise

Gasoline prices in Fort Worth-Arlington dropped significantly in the past week, after a recent sharp rise that was attributed largely to rising crude oil prices.

The average pump price for a gallon of regular gasoline was $2.92 Thursday, according to auto club AAA, Oil Price Information Service and Wright Express. That's a nickel lower than a week ago.

The Fort Worth-Arlington average is 3 cents below the average Texas price of $2.95 and 18 cents below the U.S. average of $3.10.

Just two weeks ago, Fort Worth-Arlington had the highest average regular price of any metro area in Texas. Fort Worth-Arlington and San Antonio are now tied for the lowest price, while Texarkana has the highest, $2.97.

The moderation in prices could be driven somewhat by a U.S. Energy Department report showing a much larger than expected inventory of both gasoline and crude oil, said Dan Ronan, a spokesman for AAA Texas/New Mexico.

Despite the recent decline, Fort Worth-Arlington gas prices are still 40 cents higher than they were a year ago.

Jack Z. Smith, 817-390-7724