AAA-Texas: Texas Gasoline Prices Drop Seven Cents a Gallon in One Week; Mirroring Significant National Downward Trend

IRVING, TX Jul 24, 2008; -- After increasing steadily since spring, gasoline prices nationally and in Texas rapidly moved downward as the price of crude oil has fallen by about $20.00 a barrel or 14% since the July 7th peak of $145.29.

The average price for a gallon of gas in Texas now costs a fraction below $3.92. Just last week consumers paid nearly $3.99, that's a seven-cent-per-gallon downward swing in one week or a penny per day. Nationally, gasoline prices fell even faster, dropping nine cents a gallon from $4.11 to $4.02.

Gas in Corpus Christi is the least expensive at $3.86 a gallon, falling more than nine cents in one week.

Austin/San Marcos and El Paso have the most expensive gas at $3.92, but motorists in those cities are paying a nickel less since last week.

"Drivers are just now beginning to see some relief as falling demand is finally having a downward impact of the price of gasoline. A drop in crude oil prices usually takes a few weeks to catch up at gas stations, so if oil prices continue downward, we could see additional relief at the pump.

"Also, fears that Hurricane Dolly would disrupt the flow of oil from the Gulf of Mexico or hurt the nation's refining capability were quickly dispelled as the storm moved around Gulf oil production and had minimal impact on prices," says AAA-Texas Corporate Communications Manager Dan Ronan.