Texas Gas Prices Fall After Memorial Day but the Long Term Outlook Is Complicated

Texas went all out for Memorial Day Weekend, and by all out, I mean they hit the road.

According to AAA Texas, over three million Texans hit the road over the long holiday weekend, paying gas prices that topped out at over $4 per gallon. Now that one of the busiest travel holidays has passed, what do the gas prices in Texas look like?

Where Texas Gas Prices Stand This Week

Right now, the average price per gallon in Texas is $3.92. It's a 17-cent drop from last week. The national price of gas is still high at $4.42 per gallon. Last year at this time, Texas drivers were paying $2.74 per gallon. McAllen has the cheapest gas this week at $3.74 per gallon, while El Paso is back on top at $4.10. 

How Your City Compares: Gas Prices Across Texas

• Amarillo: $3.88 - down 12 cents from last week
• Lubbock: $3.85 - down 15 cents from last week
• Midland: $3.82 - down 28 cents from last week
• Abilene: $4.00 - down 17 cents from last week
• Tyler: $3.88 - down 13 cents from last week
• El Paso: $4.10 - down 25 cents from last week

See more Texas city gas prices here.

Why Gas Prices Dropped After Memorial Day

AAA Texas Corporate Communications Manager Doug Shupe credited the drop to oil prices, saying gas prices fell "due to sustained oil prices below $100 a barrel."

According to OilPrice.com, Brent Crude is currently at $93 per barrel while WTI Crude is at $88 per barrel. Let's hope crude prices continue to fall. When they do, relief at the pump follows. Otherwise, it's going to be a long and expensive summer.

Read More: Everyone in Amarillo Needs to Do These 10 Things Before Summer Ends

What the Long-Term Oil Outlook Means for Your Wallet

Oil Price also shared that a Wall Street analyst with Bernstein Research has said that the long-term oil price is looking to be $75 per barrel. Right now, the oil reserves are at a 20-year low, and oil exploration isn't a priority for major producers. Bottom line: if they don't start finding new oil, the reserves will keep shrinking, and prices will continue to rise.

What does that mean for Texas drivers this summer? Probably not much relief.

Read More: Discover Why Amarillo's Buc-ee's is the Ultimate Road Trip Stop

What to Expect at the Pump This Summer

Even though we have made it past Memorial Day Weekend, people will travel all summer, and with this being the year our country turns 250, it looks like Texas will see a busier Fourth of July weekend. It doesn't look like we'll see big gas relief anytime soon.

8 Easy Ways to Save Money on Gas Right Now

Feeling the pain at the pump? These simple driving tips can help you stretch your gas tank further.

Gallery Credit: Unsplash/TSM

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MAKE THE MOST OF YOUR GAS MILEAGE

Gas prices are climbing again, with the national average now sitting around $4.53 a gallon according to AAA, the highest since 2022. 
So if filling your tank now feels like financing a small yacht, here are a few ways experts say you can stretch every gallon a little farther:

Gallery Credit: Jana DeCamilla