SOURCE: AAA Texas

August 07, 2008 17:03 ET

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

AAA Fuel Gauge Report for August 7th, 2008

IRVING, TX--(Marketwire - August 7, 2008) - 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

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