Gas prices plummeted 83 cents since this time last year, demand lowest in 52 years

Local News

FILE – In this Monday, Sept. 16, 2019, file photo, a woman pumps gas at a convenience store in Pittsburgh. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday, March 15, 2020, that gas prices could continue to fall as demand shrinks amid the coronavirus pandemic. (AP Photo/Gene J. Puskar)

TYLER, Texas (KETK) – Gas prices across Texas have dropped 83 cents since this same day last year, according to AAA Texas. The statewide price for a gallon of gas in on average $1.63.

The national average price for a gallon of regular unleaded is $1.89, which is eight cents less compared to this day last week and 86 cents less than the price per gallon at this same time last year.

“Drivers in the Lone Star state haven’t seen gas prices this cheap in four years. Gasoline demand continues to decline as many people adhere to shelter in place orders. Market analysts will be watching to see if the Organization for Petroleum Exporting Countries will agree on a crude oil production cut today and what that could do to gasoline prices.”

Daniel Armbruster, AAA Texas spokesman

Given the drop in crude oil and gasoline demand, which is expected to push even lower, refineries are reducing production in hopes this could help to balance the amount of gasoline supply in the country.

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