AAA-Texas: Gas Prices Continue Dramatic 2.5 Cent Per Day Drop

 | Source: AAA Texas AAA Texas

HOUSTON, TX--(Marketwire - November 6, 2008) - Texas motorists are seeing a big fall in the price of gasoline statewide with 7 out of 11 cities surveyed by AAA Texas Weekend Gas Watch, reporting prices below the statewide average of $2.13.

A gallon of regular unleaded gasoline fell by more than 18 cents last week from $2.31 to $2.13. Texans are also paying about 21 cents less than the national average of $2.34, which also decreased more than 20 cents from $2.54 to $2.340.

Corpus Christi is the first city in Texas to break the $2.00 per gallon barrier, coming in at $1.99. In Dallas prices fell more than 18 cents since last week; the average now is $2.115. Houston saw an even larger drop, down 22 cents since last week at $2.065. As it has for more than 2 months, El Paso motorists are paying the highest prices in the state at $2.513; however prices in that city dropped 20 cents since last week.

"Gasoline prices in Texas are at their lowest level since early 2007. Motorists and drivers today are paying nearly 80 cents a gallon less than they were just one year ago," said Dan Ronan AAA Texas Corporate Communications Manager.

Missouri has the lowest average prices in the country at $2.016. Gasoline is below $2.15 in 10 states, including Texas, Arkansas, Iowa, Indiana, Kansas, Kentucky, Minnesota, Missouri, Ohio, and Oklahoma.

With the lower price of gasoline for the upcoming Thanksgiving holiday travel weekend, AAA National is optimistic the lower price of fuel could encourage more travel. The annual AAA Thanksgiving holiday travel analysis will be released the week of November 17.

To explain why the price of gasoline has fallen so dramatically, gasoline is refined from light, sweet crude oil. That product reached a record price of $147.27 a barrel on July 17 and is currently trading around $61 to $65. 

                                                             Record  Record
                      1 Week              Year                High   High
             Current    Ago   Difference   Ago   Difference   Date   Price
             ------- -------- ---------- ------- ---------- -------- ------
             11/6/08 10/30/08 Difference 11/6/07 Difference   Date   Price
             ------- -------- ---------- ------- ---------- -------- ------
National       2.340    2.547     -0.207   3.043     -0.703 07/17/08  4.114
State          2.130    2.312     -0.182   2.924     -0.794 07/17/08  3.985
Amarillo       2.132    2.293     -0.161   3.031     -0.899 07/16/08  3.983
Austin-San
 Marcos        2.167    2.325     -0.158   2.922     -0.755 07/17/08  3.975
Beaumont       2.213    2.448     -0.235   2.913     -0.700 07/16/08  4.001
Corpus
 Christi       1.989    2.098     -0.109   2.911     -0.922 07/15/08  3.960
Dallas         2.115    2.303     -0.188   2.916     -0.801 07/16/08  3.983
El Paso        2.513    2.717     -0.204   2.906     -0.393 07/17/08  3.967
Ft. Worth      2.100    2.280     -0.180   2.919     -0.819 07/16/08  3.975
Galveston      2.111    2.356     -0.245   2.838     -0.727 07/14/08  3.968
Houston        2.065    2.288     -0.223   2.830     -0.765 07/17/08  3.960
San Antonio    2.064    2.202     -0.138   2.889     -0.825 07/16/08  3.957
Texarkana
 (TX Only)     2.113    2.255     -0.142   2.971     -0.858 07/16/08  3.981

Contact Information: Contacts: Dan Ronan Statewide/Dallas Ronan.dan@aaa-texas.com danronan@sprint.blackberry.net 469 221 8217 office 469 583 7070 cell Sarah Schimmer Houston Schimmer.sarah@aaa-texas.com 713-284-6552 office 281-797-7886 cell

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