SOURCE: AAA-Texas

October 16, 2008 15:24 ET

AAA-Texas: Gas Price Freefall Continues -- Most State Prices Dip Below $3

HOUSTON, TX--(Marketwire - October 16, 2008) - Gas prices are tumbling at an unprecedented pace throughout Texas and much of the U.S., according to the AAA-Texas Weekend Gas Watch. Statewide, prices plummeted by nearly 39 cents over the past week to an average of $2.891 a gallon, while nationally, prices decreased by 32 cents to $3.084.

The Houston average price is $2.915, down 35 cents from last week. Dallas is reporting a price of $2.927 a gallon, a 43-cent decrease since last week.

Corpus Christi, at $2.611, has the least expensive average price compared to other metropolitan areas in the state. Reporting the highest price in the state is El Paso at $3.215 followed by Beaumont at $3.010, the only two large metro areas in the state still above $3 a gallon.

"Part of this dramatic drop is a continued rollback of price increases driven by oil speculators earlier this year, and part of the decrease is definitely tied to the nation's economic turmoil of the last month," said AAA-Texas spokesperson Dan Ronan.

This week's price averages are as follows:

                                                              Record Record
                       1 Week                                  High   High
              Current    Ago   Difference Year Ago Difference  Date   Price
              -------- -------- --------- -------- --------- -------- -----
              10/16/08 10/9/08 Difference 10/16/07 Difference  Date   Price
              -------- -------- --------- -------- --------- -------- -----

National         3.084    3.403    -0.319    2.776    +0.308 07/17/08 4.114

State            2.891    3.280    -0.389    2.656    +0.235 07/17/08 3.985

Amarillo         2.720    3.067    -0.347    2.770    -0.050 07/16/08 3.983

Austin-San
 Marcos          2.901    3.268    -0.367    2.704    +0.197 07/17/08 3.975

Beaumont         3.010    3.331    -0.321    2.657    +0.353 07/16/08 4.001

Corpus Christi   2.611    3.045    -0.434    2.561    +0.050 07/15/08 3.960

Dallas           2.927    3.355    -0.428    2.612    +0.315 07/16/08 3.983

El Paso          3.215    3.466    -0.251    2.753    +0.462 07/17/08 3.967

Ft. Worth        2.890    3.316    -0.426    2.596    +0.294 07/16/08 3.975

Galveston        2.930    3.318    -0.388    2.565    +0.365 07/14/08 3.968

Houston          2.915    3.268    -0.353    2.562    +0.353 07/17/08 3.960

San Antonio      2.764    3.175    -0.411    2.639    +0.125 07/16/08 3.957

Texarkana (TX
 Only)           2.824    3.200    -0.376    2.688    +0.136 07/16/08 3.981

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