AAA weekend gas watch: Prices slide

RIO GRANDE VALLEY, Texas (ValleyCentral) — The American Automobile Association (AAA) Texas Weekend Gas Watch reports the average gas price in Texas is $3.06 per gallon for regular unleaded fuel.

The news release said that is three cents less than on this day last week and 41 cents less per gallon compared to this day last year. In the major metropolitan areas surveyed in Texas, drivers in the El Paso metro area are paying the most on average at $3.23 per gallon while drivers in Lubbock are paying the least at $2.89 per gallon.

AAA also reports the national average price for a gallon of regular unleaded is $3.45, which is three cents less when compared to this day last week and 37 cents less per gallon when compared to this day last year.

Electric Vehicle Charging

For electric vehicle charging, today's national average for a kilowatt of electricity at an L2 commercial charging station is 34 cents.

Crude oil production reached an all-time high of 13.4 million barrels per day. However, the gasoline demand dropped by 282,000 barrels per day from the prior week, sitting at 8.967 million barrels per day.

Demand may probably drop again this week given the heavy rains and flooding in the Southeast from Tropical Storm Debby will likely depress gasoline consumption.

Meanwhile, gasoline stocks increased from 223,757 barrels to 225,097. Supply also increased in the Gulf region. Lower demand and growing supply could keep gas prices on the decline in the coming days.