Texas gasoline prices continue to plummet

For Texas motorists, buying gas before Halloween remained a treat.

Statewide the average price of an unleaded gallon of unleaded gasoline dropped 4 cents to $1.94, 88 cents less than what drivers were paying a year ago, according to AAA Fuel Gauge. Texas’ average price was 25 cents below the national average of $2.19.

In the state’s major metropolitan areas, according to AAA, consumers in Texarkana were paying the least, at $1.87 a gallon, and motorists in Austin were paying the most, at $1.98. In Fort Worth, the average price dropped 3 cents to $1.91; in Dallas it dropped 5 cents to $1.93.

Dropping crude oil prices along with ample domestic national inventory are contributing to continued decline in gas prices. The Energy Information Administration said this week that the stockpile of crude oil stood at 480 million barrels, 100 million more than a year ago.

“Drivers in Texas are paying about $27 to fill up the typical 14-gallon-size fuel tank, which is $12 less per fill-up than last year,” said Doug Shupe, a spokesman for AAA Texas.

Analysts say the national average for gas may dip below $2 by Thanksgiving Day but definitely by the end of the year.

This story was originally published October 30, 2015 at 5:06 PM with the headline "Texas gasoline prices continue to plummet."