AAA-Texas: Texas Gasoline Prices Drop Seven Cents a Gallon in One Week; Mirroring Significant National Downward Trend

After increasing steadily since spring, gasoline prices nationally and in Texas rapidly moved downward as the price of crude oil has fallen by about $20.00 a barrel or 14% since the July 7th peak of $145.29.

The average price for a gallon of gas in Texas now costs a fraction below $3.92. Just last week consumers paid nearly $3.99, that's a seven-cent-per-gallon downward swing in one week or a penny per day. Nationally, gasoline prices fell even faster, dropping nine cents a gallon from $4.11 to $4.02.

Gas in Corpus Christi is the least expensive at $3.86 a gallon, falling more than nine cents in one week.

Austin/San Marcos and El Paso have the most expensive gas at $3.92, but motorists in those cities are paying a nickel less since last week.

"Drivers are just now beginning to see some relief as falling demand is finally having a downward impact of the price of gasoline. A drop in crude oil prices usually takes a few weeks to catch up at gas stations, so if oil prices continue downward, we could see additional relief at the pump.

"Also, fears that Hurricane Dolly would disrupt the flow of oil from the Gulf of Mexico or hurt the nation's refining capability were quickly dispelled as the storm moved around Gulf oil production and had minimal impact on prices," says AAA-Texas Corporate Communications Manager Dan Ronan.

          Current   1 Week  Difference Year Ago Difference  Record   Record
                     Ago                                    High     High
                                                            Date     Price

          07/24/08  7/17/08 Difference 07/24/08 Difference  Date     Price

National    4.026    4.114    -0.088    2.945    +1.081   07/17/08    4.114
State       3.916    3.985    -0.069    2.864    +1.052   07/17/08    3.985
Amarillo    3.875    3.970    -0.095    3.120    +0.755   07/16/08    3.983
Austin-San
 Marcos     3.925    3.975    -0.050    2.864    +1.061   07/17/08    3.975
Beaumont    3.915    3.995    -0.080    2.833    +1.082   07/16/08    4.001
Corpus
 Christi    3.861    3.955    -0.094    2.750    +1.111   07/15/08    3.960
Dallas      3.911    3.981    -0.070    2.838    +1.073   07/16/08    3.983
El Paso     3.922    3.967    -0.045    2.970    +0.952   07/17/08    3.967
Ft. Worth   3.894    3.973    -0.079    2.830    +1.064   07/16/08    3.975
Galveston   3.908    3.968    -0.060    2.840    +1.068   07/14/08    3.968
Houston     3.892    3.960    -0.068    2.806    +1.086   07/17/08    3.960
San Antonio 3.905    3.956    -0.051    2.827    +1.078   07/16/08    3.957
Texarkana
 (TX Only)  3.893    3.960    -0.067    2.844    +1.049   07/16/08    3.981