SOURCE: AAA Texas

October 09, 2008 13:11 ET

AAA Texas: Gas Prices Plummet as Post-Hurricane Supply Improves

HOUSTON, TX--(Marketwire - October 9, 2008) - The average price of a gallon of regular unleaded gasoline fell by more than 22 cents in Texas during the past week, according to the AAA Texas Weekend Gas Watch. The state average of $3.280 is about twelve cents lower than the national average, which also decreased more than nineteen cents to $3.403.

In Houston, gas prices are averaging $3.268, down 18 cents from last week and still below the national and state averages. Dallas is reporting a price of $3.355 a gallon, a decrease of 21 cents since last week.

Corpus Christi, at $3.045, has the least expensive average price as compared to other metropolitan areas in the state. Reporting the highest price in the state is El Paso at $3.466.

"Fuel demand in both the U.S. and Europe is lower than last year, the current economic situation has driven down the price of crude oil, and Gulf refineries are just about back to their normal volumes for production and delivery, after Hurricane Ike," said AAA-Texas Houston spokesperson Sarah Schimmer. "With lower demand, and more fuel in the market, Texas prices have decreased."

Light, sweet crude oil reaching a record price of $147.27 a barrel on July 11, is currently between $87 and $90. Gas reached a national peak average of $4.11 on July 17, and is still 63 cents above prices this time last year.

                                                            Record   Record
                    1 Week                                  High     High
           Current    Ago    Difference Year Ago Difference Date     Price
           -------- -------- ---------- -------- ---------- -------- ------
            10/9/08  10/2/08 Difference  10/9/07 Difference     Date  Price
           -------- -------- ---------- -------- ---------- -------- ------
National      3.403    3.598     -0.195    2.765     +0.638 07/17/08  4.114
           -------- -------- ---------- -------- ---------- -------- ------
State         3.280    3.500     -0.220    2.661     +0.619 07/17/08  3.985
           -------- -------- ---------- -------- ---------- -------- ------
Amarillo      3.067    3.287     -0.220    2.762     +0.305 07/16/08  3.983
           -------- -------- ---------- -------- ---------- -------- ------
Austin-San
 Marcos       3.268    3.490     -0.222    2.716     +0.552 07/17/08  3.975
           -------- -------- ---------- -------- ---------- -------- ------
Beaumont      3.331    3.503     -0.172    2.659     +0.672 07/16/08  4.001
           -------- -------- ---------- -------- ---------- -------- ------
Corpus
 Christi      3.045    3.392     -0.347    2.541     +0.504 07/15/08  3.960
           -------- -------- ---------- -------- ---------- -------- ------
Dallas        3.355    3.565     -0.210    2.630     +0.725 07/16/08  3.983
           -------- -------- ---------- -------- ---------- -------- ------
El Paso       3.466    3.588     -0.122    2.793     +0.673 07/17/08  3.967
           -------- -------- ---------- -------- ---------- -------- ------
Ft. Worth     3.316    3.552     -0.236    2.617     +0.699 07/16/08  3.975
           -------- -------- ---------- -------- ---------- -------- ------
Galveston     3.318    3.468     -0.150    2.599     +0.719 07/14/08  3.968
           -------- -------- ---------- -------- ---------- -------- ------
Houston       3.268    3.448     -0.180    2.583     +0.685 07/17/08  3.960
           -------- -------- ---------- -------- ---------- -------- ------
San
 Antonio      3.175    3.425     -0.250    2.657     +0.518 07/16/08  3.957
           -------- -------- ---------- -------- ---------- -------- ------
Texarkana
 (TX Only)    3.200    3.560     -0.360    2.652     +0.548 07/16/08  3.981
           -------- -------- ---------- -------- ---------- -------- ------


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