For the 56 percent of Texans planning to take a holiday trip this Thanksgiving Day weekend, there's a sliver of good news from your local gas station. Gasoline prices are down six cents over the last week. They’re also down 14 cents over the last month, according to AAA’s Daily Fuel Gauge Report.
A gallon of regular unleaded gasoline is selling for an average of $3.15 in the Austin/San Marcos metropolitan area, compared with $3.21 last week and $3.29 last month. The cheapest gas in Central Austin is selling right now for $3.05 a gallon at the Pronto Mart at 43rd and Duval Streets, according to GasBuddy.com.
But it’s still a far cry from last Thanksgiving when the average price of gas was just $2.69 a gallon in the Austin metro area.
The debt crisis in Europe is one of the main reasons why you’re saving money at the pump. Investors are uncertain about what the crisis means for future economic activity, which affects demand for energy in general and oil prices specifically.
However, the AP reports that other factors are keeping oil prices above $90 a barrel:
Oil prices have remained generally high, however, because investors are anxious that continuing strife in the Middle East could disrupt supplies. Also, demand for oil in China and other developing nations has remained strong. Global oil demand is expected to reach record levels this year of more than 89 million barrels per day.
Meanwhile, rough weather on both coasts is making travel difficult for those who dare to venture outside Texas, according to this report from ABC News.