Texarkana drivers keep enjoying low gas prices

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Texarkana area motorists continue to experience the benefit of lower gas prices.

According to recent data from AAA Texas, the average price for a gallon of regular unleaded gasoline in Texarkana was $2.06, tied with the Amarillo area for the eighth-lowest prices in the state. Of course, there were cheaper prices to be found throughout the week in the Twin Cities. For example, the price for a gallon of regular unleaded gas was $1.90 at the Walmart Neighborhood Grocery on Richmond Road on Feb. 3.

The $2.06 in Texarkana is a seven-cent price drop over the past week, while the price drop was four cents in Amarillo to get to $2.06.

The cheapest gas in Texas can be found in the Sherman-Dennison area where drivers are paying $1.96 on average. The most expensive gas is out in Midland where drivers are paying $2.38 on average. Nearby Odessa motorists are paying $2.34.

According to CBS Sports’ Patrik Walker, $1.99 gas could be found in the Dallas area this week, where the average price of gas is $2.04 with a $2.03 average in nearby Fort Worth-Arlington.

Nonetheless, Texas drivers have it better than the rest of the nation. The statewide average is $2.11 compared to the $2.45 average for the country.

What is helping drive down the cost of gas is crude oil prices are also less expensive. Compared to the beginning of 2020, crude oil prices are nearly $10 a barrel less. Furthermore, market analysts say that U.S. gasoline stocks are hovering around all-time highs, which also contributes to cheaper fuel prices.

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“Cheaper crude and healthy stock levels mean motorists can expect prices to continue to decline this month,” said AAA Texas spokesperson Daniel Armbruster. “There may be some volatility with crude oil prices, however, as many market analysts will be watching the economic impact of the coronavirus and whether the Organization of Petroleum Exporting Countries (OPEC) will consider further oil production cuts.”

The only state in the South and Southeast where one can’t find gas cheaper than $2.00 a gallon is Florida. However, over the coming week, that could change as analysts expect to see an increase in stations selling sub-$2.00 gas.