San Antonio drivers were paying $3.09 for a gallon of regular gasoline Tuesday, up 5 cents from a week earlier — signaling that this summer’s steady decline in gas prices may be ending.
Prices at the pump have eased significantly since June 13, when San Antonio saw a record average price of $4.68, according to AAA Texas. Even after falling this summer, the price of a gallon of gasoline here is still 42 cents more than a year ago.
Motorists in San Antonio were still finding lower prices than the average Texan, however. Tuesday’s statewide average price of gasoline was $3.16.
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Nationwide, drivers were paying an average $3.67 on Tuesday, down from $3.91 a month ago.
A worker refuels a gasoline tanker truck at the Valero Energy Corp. oil refinery terminal in Memphis, Tennessee, U.S., on Wednesday, Feb. 16, 2022. The U.S. and other major oil-consuming nations are considering releasing 70 million barrels of oil from their emergency stockpiles as crude prices surge amid growing concerns over supply after Russia invaded Ukraine. Photographer: Luke Sharrett/Bloomberg
Luke Sharrett / Bloomberg
The decline in gasoline prices has in part been a result of recession fears sparked by the U.S. Federal Reserve. The Fed has been trying to tame higher-than-expected levels of inflation this summer by raising interest rates to tamp down spending and investment. But that could also mean lower demand and prices for crude oil.
The price of a barrel of West Texas crude, the U.S. benchmark, was $84.31 Tuesday afternoon. That was a decline from prices north of $120 per barrel in mid-June, when tight oil supplies ran up against strong demand during the summer driving season.
Still, refineries in Indiana and California have faced problems — such as an electrical fire — processing crude recently. That could push up gas prices in the near-term after the nationwide average price has declined for 14 consecutive weeks, said Patrick DeHaan, head of petroleum analysis for the gas price-tracking site GasBuddy.
Emissions rise from an oil refinery at sunset in Texas City, Texas, on Feb. 16, 2017. MUST CREDIT: Bloomberg photo by Luke Sharrett.
Bloomberg / Bloomberg
“While gasoline could nudge higher, diesel prices should continue to ease after a much-needed jump in inventories last week,” he said.
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AAA Texas surveys pump prices in metro areas statewide. Drivers in the McAllen-Edinburg-Mission area were paying the lowest prices in the state, at $2.96 per gallon. The next lowest prices were in Brownsville, where drivers paid $2.99 on average.
Drivers in the Dallas-Fort Worth area were paying the state’s highest average gas prices at $3.35 per gallon.
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