Texarkana gas prices have taken a tumble in the last week.
According to new data from AAA Texas, the average price for a gallon of regular unleaded gasoline dropped three cents in Texarkana from $3.45 to $3.42, representing the 11th-most expensive gas prices in the state. The most expensive gas prices are in El Paso where motorists are paying $3.72. The least expensive are in McAllen where drivers are paying $3.10.
Texarkana gas prices are one cent higher than the statewide average, but 46 cents lower than the national average.
The Texas statewide pump average still fell for the 10th week in a row. Organization of the Petroleum Exporting Countries and its allies (OPEC+) considering cutting output have been a big reason for oil prices to head higher. Higher oil futures are likely contributing to some Texas metro areas experiencing price jumps as many school districts return, coupled with the summer driving season still underway.
Previously, the cost of oil had edged lower on fears of economic slowdowns around the globe. And while demand dropped nationally week-to-week, so did regional gas supplies, likely helping prop pump prices up. Another factor pushing gas prices higher in select markets could be the severe weather which has been affecting parts of the Gulf, and floods may be impacting delivery of some fuel products.
“Supply and demand volatility in the oil and gas markets can quickly change pump prices,” said AAA Texas spokesperson Joshua Zuber. “The market is going to continue to be very sensitive to headlines with the ongoing war in Ukraine.”
Arkansas leads the way with the cheapest gas prices on average with $3.39. Mississippi and Georgia are tied for second at $4.40. Texas is No. 4 at $3.41. Louisiana is fifth at $3.43.