AUSTIN, Texas — Gas prices continue to drop across Texas. This decrease in pricing comes after the Organization of the Petroleum Exporting Countries (OPEC) announced it planned to decrease crude oil production by 2 million barrels a day to support cost on Oct. 5.
However, in a statement from the White House on Oct. 18, President Joe Biden said he intends to continue releasing barrels of oil.
"First, the Department of Energy (DOE) is issuing a Notice of Sale tomorrow morning for 15 million barrels from the Strategic Petroleum Reserve (SPR) to be delivered in December," the statement said. "This sale will complete the historic, 180-million-barrel drawdown the President announced in the spring, which has helped to stabilize crude oil markets and reduce prices at the pump."
According to AAA, experts are unable to determine the exact impact of pricing at the pump. These contingencies will potentially keep gas prices from increasing in the near future.
“Supply-and-demand market dynamics continue to keep retail gas prices elevated, but lower than earlier in the year,” said AAA Texas spokesperson Daniel Armbruster. “Given that the market remains highly volatile and supply remains tight, the release of crude oil from the Strategic Petroleum Reserve could help to cap crude oil price increases and keep pump prices trending downward.”
Texans are paying the second-lowest gas prices in the country with a state average of $3.25 per gallon for regular fuel. Georgia is paying the cheapest with $3.23 per gallon of regular fuel and California is paying the highest dollar amount of $5.88 per gallon of regular gas on average.
According to AAA's report on statewide prices, "Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.55 per gallon while drivers in McAllen are paying the least at $3.10 per gallon."
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