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AAA Texas: As Crude Oil Prices Tumble, So Do Gasoline Prices - Down 7 Cents in the Lone Star State

Posted on: Thursday, 7 August 2008, 18:01 CDT

Gasoline prices fell another 7 cents last week in Texas as the average price for a gallon of gasoline dropped below $3.74 a gallon. That's down nearly a quarter from the record average high of nearly $3.99 a gallon on July 17th. Nationally prices fell to $3.85 a gallon, down 26 cents a gallon since the high of $4.11 a gallon, also on July 17th.

Corpus Christi has the least expensive gas in Texas at just below $3.68 a gallon, down almost 8 cents in one week. El Paso once again has the most expensive fuel at a fraction above $3.80 a gallon. This is a drop of 6 cents since last week, but that's the smallest decrease in the state.

"As the price of crude oil continues to drop, drivers nationwide and in Texas are beginning to really see the benefits. Prices have fallen by about a quarter nationwide and by about the same amount in the state. This means that a motorist who purchased 15 gallons of gas at $3.99 a gallon can now expect to get 16 gallons for the same total cost. All of the great work done by motorists this summer to conserve fuel and consolidate trips appears to be paying off," says AAA Texas Corporate Communications Manager Dan Ronan.

Earlier this week, the federal Energy Information Administration reported a much larger than expected increase in crude oil supplies, and it's another indication that higher fuel costs and the slow United States economy have curtailed the demand for gasoline. During the first week of August, crude oil inventories increased by 1.7 million barrels, well above expectations of a build up of 300,000 barrels.

                                                            Record  Record                     1 Week               Year               High    High            Current    Ago   Difference    Ago   Difference  Date    Price            -------- ------- ---------- -------- --------- -------- ------            08/07/08 7/31/08 Difference 08/07/07 Difference  Date    Price National     3.849   3.909    -0.060     2.821    +1.028  07/17/08  4.114 State        3.737   3.808    -0.071     2.744    +0.993  07/17/08  3.985 Amarillo     3.751   3.811    -0.060     2.898    +0.853  07/16/08  3.983 Austin-  San Marcos  3.774   3.842    -0.068     2.774    +1.000  07/17/08  3.975 Beaumont     3.732   3.798    -0.066     2.716    +1.016  07/16/08  4.001 Corpus  Christi     3.677   3.755    -0.078     2.587    +1.090  07/15/08  3.960 Dallas       3.718   3.799    -0.081     2.726    +0.992  07/16/08  3.983 El Paso      3.805   3.863    -0.058     2.816    +0.989  07/17/08  3.967 Ft. Worth    3.701   3.781    -0.080     2.700    +1.001  07/16/08  3.975 Galveston    3.727   3.816    -0.089     2.719    +1.008  07/14/08  3.968 Houston      3.716   3.788    -0.072     2.692    +1.024  07/17/08  3.960 San Antonio  3.729   3.803    -0.074     2.750    +0.979  07/16/08  3.957 Texarkana (TX Only)    3.697   3.770    -0.073     2.735    +0.962  07/16/08  3.981 

 Contacts: Dan Ronan Ronan.dan@aaa-texas.comdanronan@sprint.blackberry.net 469 221 8217 office 469 583 7070 cell  Anne O'Ryan O'ryan.anne@aaa-texas.com 512 899 8843 office 512 925 3710 cell  Sonta Henderson Henderson.sonta@aaa-texas.com 512 444 4757 ext. 224 512 899 8046  

SOURCE: AAA Texas

Source: MARKET WIRE

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