Gas prices in Texas actually dropped over the last week – but not by much.
Prices in the state dropped by only about two cents, according to the AAA’s Daily Fuel Gauge Report.
Texans are paying an average of $3.82 a gallon. Austinites are still paying about 4 cents less than the state average, with rates of $3.78 a gallon. Gas locally is 10 cents more expensive now than it was a year ago.
Writing earlier this week, AAA’s Manager for Federal Relations Avery Ash cites a few reasons for the tick down in prices:
Crude oil prices declined today as weak U.S. jobs data from Friday and reports that Iran might be open to compromise on its nuclear enrichment program both put downward pressure on oil prices. A slowing economy would be expected to consume less crude oil, which pressures prices lower. Additionally, geopolitical tensions with Iran, and the associated fear of a disruption to global supply, have kept upward pressure on oil prices since December. Any easing of this tension, and removal of some of the “risk premium” in the market, would be expected to send prices lower.