McALLEN, Texas (ValleyCentral) — A winter storm sweeping an icy path across Texas has cooled more than homes: It’s also frozen rising costs at gas pumps.
That’s according to the AAA Texas Weekend Gas Watch, which was released Thursday.
In Texas, the average price of regular unleaded gasoline stood at $3.12, which was down a penny over the previous week, according to AAA. In Cameron County, prices are down on average by 8 cents, and prices in McAllen are down by 10 cents from last week.
“Pump price increases have cooled over the last week with fewer drivers on the road thanks in large part to this week’s winter storm,” said AAA Texas spokesperson Daniel Armbruster.
The reprieve will be temporary as drivers will be back on the roads soon.
“The market picture for fuel prices has changed slightly from last week,” AAA stated. “Even with higher national demand, fuel supplies remained decent and crude oil prices have fallen slightly. Market watchers are still wondering about the impact inflation and higher interest rates may have on the energy industry.”
AAA explained that this week OPEC+ announced plans to stay the course with its current production plan, which “put some downward pressure on crude oil prices, at least in the short-term.”