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11/03/2011

Texas gasoline prices fall again this week, AAA Texas reports

The average price for a gallon of regular unleaded dropped four cents in Texas to $3.25 this week, according to the AA Texas Weekend Gas Watch report today.

The national average is $3.43, down one penny.

The Fort Worth average is $3.22, down eight cents.

AAA Texas’ analysis: “Market analysts say the U.S. Dollar remains strong compared to currencies abroad.  European economic uncertainty continues to exert downward pressure on crude oil prices.  Additionally, the U.S. Department of Energy reports domestic demand for gasoline is about nine percent lower than this time last year.  As the financial climate overseas remains uncertain, U.S. dollars become a more attractive investment, driving up the value of the dollar.  Commodities, including crude oil, are traded in U.S. dollars, and as the dollar strengthens compared to currencies abroad, oil becomes a less attractive investment for those holding foreign currencies and prices are pressured downward.”

- Scott Nishimura

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