Texas among the states with the cheapest gasoline
TEXAS – The state of Texas ranked among the 10 U.S. markets with the lowest gasoline prices, posting a quote of $2.98, behind only Oklahoma, the American Automobile Association (AAA) reported.
According to AAA, oil prices initially fell more than $10 to $68 per barrel on Friday following news of the Omicron variant of Covid-19.
Meanwhile, consumers got a little breathing room as the national average price of a gallon of gasoline fell to $3.39, down a penny from a month ago and $1.27 more than a year ago.
The economic agency noted that according to the national gasoline price index, the cheapest states to buy this energy source are: Oklahoma ($2.95 dlls), Texas ($2.98), Arkansas ($3.02), Missouri ($3.04), Kansas ($3.04), Mississippi ($3.04), Kentucky ($3.06), South Carolina ($3.09), Tennessee ($3.10) and Wisconsin ($3.10).
This contrasts with the states of California ($4.71), Hawaii ($4.35), Nevada ($3.96), Washington ($3.88), Oregon ($3.79), Arizona ($3.77), Alaska ($3.71), Idaho ($3.68), Utah ($3.67) and Pennsylvania ($3.59), which reported the highest per-gallon gasoline prices in the United States.
Andrew Gross, AAA spokesman explained that at the close of the official session on November 26, WTI was down $10.24 per barrel to $68.15.
Crude oil prices fell amid concerns about the new Covid-19 Omicron variant and the travel restrictions announced by Joe Biden’s administration.
It was also noted that with little known about the new variant, it is unclear what long-term impact it may have on crude oil prices.
Prior to the Omicron reports, the EIA’s weekly report revealed that total U.S. crude oil supply increased by 1 million barrels to 434 million barrels.
However, prices rose last week despite President Biden’s announcement that the federal government will make available up to 32 million bbl of oil held in the U.S. Strategic Petroleum Reserve (SPR) and accelerate the timetable for the sale of another 18 million bbl of SPR oil, as mandated by Congress.
Gross noted that the price impact and duration of the reduction in pump prices will depend on the total amount of oil entering the market following the coordinated releases around the world.
“For now, the upward pressure on prices due to tight supply and high demand appears to have abated, and that will likely cause pump prices to stabilize,” he said.
Source: MEXICO-NOW Staff