Texarkana has the 11th-cheapest gas in the state of Texas.
According to new data from AAA Texas, the average price for a gallon of regular unleaded gas in the Texarkana area was $1.64, representing the 11th-cheapest gas in the Lone Star State, which has an average price per gallon of $1.63.
The price is an eight-cent drop from the same time one week ago. The prices are a full 82-cent drop from a year ago at the same time.
The cheapest gas in Texas can be found in Sherman-Denison, where the average price for a gallon of gas is $1.23. The most expensive gas is in Midland at $1.88. Though those prices are the highest in Texas, they are lower than the national average of $1.89.
Pump prices pushed less expensive with gas demand registering at its lowest point since spring of 1968. Demand for gasoline is at 5.1 million barrels per day, almost a 52-year low, and it is expected to go lower as Americans are adhering to shelter-in-place and curfew orders across all but eight states.
“Drivers in the Lone Star state haven’t seen gas prices this cheap in four years,” said AAA Texas spokesperson Daniel Armbruster. “Gasoline demand continues to decline as many people adhere to shelter in place orders. Market analysts will be watching to see if the Organization for Petroleum Exporting Countries will agree on a crude oil production cut today and what that could do to gasoline prices.”
Market analysts are also watching refinery rates in addition to crude oil. The U.S. refinery utilization average is down to 76%, a low that has not been reached since October of 2005. In the Gulf Coast region, the most recent data shows an 82% rate, which is the lowest since March of 2013. Refineries are reducing production in hops it could help balance the amount of gasoline in the country’s supply, especially since there has been a drop in gasoline and crude oil demand.