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AAA Texas: As Crude Oil Prices Tumble, So Do Gasoline Prices – Down 7 Cents in the Lone Star State

SOURCE:

AAA Texas

2008-08-07 16:03:00

AAA Texas: As Crude Oil Prices Tumble, So Do Gasoline Prices – Down 7 Cents in the Lone Star State

AAA Texas: As Crude Oil Prices Tumble, So Do Gasoline Prices – Down 7 Cents in the Lone Star State

AAA Fuel Gauge Report for August 7th, 2008

IRVING, TX–(EMWNews – August 7, 2008) – Gasoline prices fell another 7 cents last week

in Texas as the average price for a gallon of gasoline dropped below $3.74

a gallon. That’s down nearly a quarter from the record average high of

nearly $3.99 a gallon on July 17th. Nationally prices fell to $3.85 a

gallon, down 26 cents a gallon since the high of $4.11 a gallon, also on

July 17th.

Corpus Christi has the least expensive gas in Texas at just below $3.68 a

gallon, down almost 8 cents in one week. El Paso once again has the most

expensive fuel at a fraction above $3.80 a gallon. This is a drop of 6

cents since last week, but that’s the smallest decrease in the state.

“As the price of crude oil continues to drop, drivers nationwide and in

Texas are beginning to really see the benefits. Prices have fallen by

about a quarter nationwide and by about the same amount in the state. This

means that a motorist who purchased 15 gallons of gas at $3.99 a gallon can

now expect to get 16 gallons for the same total cost. All of the great

work done by motorists this summer to conserve fuel and consolidate trips

appears to be paying off,” says AAA Texas Corporate Communications Manager

Dan Ronan.

Earlier this week, the federal Energy Information Administration reported a

much larger than expected increase in crude oil supplies, and it’s another

indication that higher fuel costs and the slow United States economy have

curtailed the demand for gasoline. During the first week of August, crude

oil inventories increased by 1.7 million barrels, well above expectations

of a build up of 300,000 barrels.


                                                           Record  Record

                    1 Week               Year               High    High

           Current    Ago   Difference    Ago   Difference  Date    Price

           -------- ------- ---------- -------- --------- -------- ------

           08/07/08 7/31/08 Difference 08/07/07 Difference  Date    Price

National     3.849   3.909    -0.060     2.821    +1.028  07/17/08  4.114

State        3.737   3.808    -0.071     2.744    +0.993  07/17/08  3.985

Amarillo     3.751   3.811    -0.060     2.898    +0.853  07/16/08  3.983

Austin-

 San Marcos  3.774   3.842    -0.068     2.774    +1.000  07/17/08  3.975

Beaumont     3.732   3.798    -0.066     2.716    +1.016  07/16/08  4.001

Corpus

 Christi     3.677   3.755    -0.078     2.587    +1.090  07/15/08  3.960

Dallas       3.718   3.799    -0.081     2.726    +0.992  07/16/08  3.983

El Paso      3.805   3.863    -0.058     2.816    +0.989  07/17/08  3.967

Ft. Worth    3.701   3.781    -0.080     2.700    +1.001  07/16/08  3.975

Galveston    3.727   3.816    -0.089     2.719    +1.008  07/14/08  3.968

Houston      3.716   3.788    -0.072     2.692    +1.024  07/17/08  3.960

San Antonio  3.729   3.803    -0.074     2.750    +0.979  07/16/08  3.957

Texarkana

(TX Only)    3.697   3.770    -0.073     2.735    +0.962  07/16/08  3.981



Contacts:
Dan Ronan
Ronan.dan@aaa-texas.com
danronan@sprint.blackberry.net
469 221 8217 office
469 583 7070 cell

Anne O’Ryan
O’ryan.anne@aaa-texas.com
512 899 8843 office
512 925 3710 cell

Sonta Henderson
Henderson.sonta@aaa-texas.com
512 444 4757 ext. 224
512 899 8046

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Blake Masterson

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