Texas Gas Prices Ease as Back to School Approaches

As we are getting closer to back-to-school in Texas, gas prices have decided to take a downward turn this week. It could be because school is starting, and people have shifted their spending to back-to-school supplies.

According to AAA Texas, gas prices in Texas are at $3.64 per gallon this week. Prices dropped 6 cents from last week. We are still 86 cents higher than what we were paying at the pump last year at this time. The cheapest gas right now in Texas is in McAllen, $3.49 per gallon. El Paso is paying the highest in the state at $3.99, which is a 4-cent increase from last week.

Texas Gas Prices by City

Amarillo: $3.62 - down 1 cent from last week
Lubbock: $3.66 - down 1 cent from last week
Midland: $3.74 - down 14 cents from last week
Odessa: $3.76 - down 13 cents from last week
Tyler: $3.58 - up 2 cents from last week
Abilene: $3.68 - down 7 cents from last week
El Paso: $3.99 - up 4 cents from last week

Here are gas prices for other Texas cities.

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Why Are Gas Prices Dropping?

The gas price drop across Texas indicates local supplies are more than adequate to meet demand right now," said AAA Texas Corporate Communications Manager Doug Shupe. "However, the Iran conflict continues to bring uncertainty to the market.

Oil Prices Stay Below $100 a Barrel

Oil prices are holding steady even though conflict is rising in the Middle East.

According to OilPrice.com, Brent crude is at $89.42 per barrel, which is $12.98 cheaper than last week. WTI Crude is at $83.74 per barrel, $10.24 cheaper than last week.

According to Patrick De Haan, "oil prices tumbled sharply to start the week after the U.S. and Iran effectively paused their latest round of military exchanges. The states with the lowest average prices are Indiana, Mississippi, and Texas."

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If tensions in the Middle East continue to rise, gas prices will jump again. Let's hope that with school starting across the state, gas prices will start falling, coming into line with the fall downward trend.