Gas prices continue to fall in the city of Texarkana.
According to data released from AAA Texas on Thursday, the average price for a gallon of regular unleaded gasoline in the Texarkana area was $1.72, down 10 cents from a week ago. Compared to a year ago at the same time, prices are down a full 70 cents.
However, the prices in Texarkana are the 13th-lowest in the state of Texas. The cheapest gas on average is in the Sherman-Denison area where drivers are paying $1.32. The most expensive gas is in Midland where the price is $1.94 per gallon on average.
Compared to the statewide average, Texarkana’s gas two cents higher, but is 25 cents lower than the national average. It is the first time since January of 2016 that the cost of gas per gallon has dropped below $2.00 nationally.
Gas could become cheaper by the end of April with an expected price reduction of 25 cents. Part of the drop is because of COVID-19’s effect on the global economy, but a more underlying issue is the price war between Russia and Saudi Arabia.
West Texas Intermediate has averaged $56 a barrel over the past 52 weeks, but the price has dropped to $20 a barrel, a closing price not seen since 2002.
“Until crude oil prices and gasoline demand increase, cheaper gas prices are likely here for the foreseeable future,” said AAA Texas spokesperson Daniel Armbruster. “Today, motorists can find gas for $1.99 or less at 68% of gas stations across the country. AAA expects gas prices to keep dropping as cheap crude combines with the realities of people staying home and less demand for gas.”
The United States still has an inordinate supply of winter-blend gasoline for this part of the spring. Because of this, the EPA has extended the sale of winter-blend gasoline beyond the May 1 deadline to May 20. The agency said they would keep tabs on the situation and could extend the waiver once more.