Austin gas prices drop two cents

May 19, 2017 - 2:40 pm

(Austin/KJCE) The average price around the Austin metro area for a gallon of unleaded gasoline dropped another two cents this week, according to AAA Texas.

One gallon of unleaded fuel costs an average of $2.16, down two cents from last week. This time last year, drivers were paying an average of $2.00 per gallon in the Austin area.

Statewide, the average holds steady at $2.18 this week - the same as last week. El Paso continues to have the state's highest average gas price at $2.24 a gallon; Amarillo holds the cheapest average at $2.07 a gallon. Nationwide, the average holds steady at $2.34 a gallon - the same as last week and 10 cents more per gallon than last year.

The latest Energy Information Association (EIA) report shows that gasoline demand increased compared to last week. Despite the jump in demand, the continued oversupply of gasoline caused prices in most parts of the country to drop or remain steady. In coming weeks, the onset of summer travel is likely to increase demand which might help dip into high gasoline stocks; however, it may not be enough demand to increase prices significantly.

AAA Texas forecasts that 3.2 million Texans will travel 50 miles or more away from home this Memorial Day weekend. The number of Texans travelling this year 2.6 percent higher than last year and is the highest Memorial Day travel volume since 2005. The vast majority of holiday travelers are still planning to hit the road. Automobile travel will grow by 2.4 percent this Memorial Day, with 2.8 million Texans planning a holiday road trip. The Memorial Day holiday travel period is defined as Thursday, May 25 to Monday, May 29.

"Nationwide AAA forecasts coming to the aid of more than 330,000 motorists across the country during the Memorial Day holiday weekend," said AAA's Sarah Schimmer. "AAA Texas reminds auto travelers to include auto maintenance into your budget. Addressing maintenance or repairs before you head out on a road trip can ensure you spend more time enjoying your destination."

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