Texas Real Estate Daily

Retail gasoline prices in Austin have fallen an average of 22 cents over the last week as refiners increase the supply of fuel on the market after recovering from Hurricane Ike last month.

Also, the current economic downturn is driving down the price of crude oil on the commodities market.

Drivers in San Antonio are currently paying $3.26 on average for a gallon of regular gasoline. That’s down from $3.49 the week before, according to AAA Texas.

Three months ago, local drivers were paying a record high of $3.96 a gallon, more than 78 cents higher than what they are paying at current levels.

“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,” says AAA-Texas Houston spokesperson Sarah Schimmer. “With lower demand, and more fuel in the market, Texas prices have decreased.”

The statewide average price of regular unleaded gasoline fell by more than 22 cents over the past week to close at $3.28 a gallon. That mirrors the national average of $3.40 a gallon, also down about 19 cents from last week.

Credits: Biz Journals