Texas, nationwide gasoline prices continue to decline

February 4, 2016 at 6:53 p.m. | Updated February 4, 2016 at 6:59 p.m.

by Associated Press

This March 13, 2012, photo shows older and newly constructed 250,000 barrel capacity oil storage tanks at the SemCrude tank farm north of Cushing, Okla. For the past seven weeks, the United States has been producing and importing an average of 1 million more barrels of oil every day than it is consuming. That extra crude is flowing into storage tanks, especially at the country's main trading hub in Cushing, pushing U.S. supplies to their highest point in at least 80 years, the Energy Department reported Wednesday, Feb. 25, 2015.
This March 13, 2012, photo shows older and newly constructed 250,000 barrel capacity oil storage tanks at the SemCrude tank farm north of Cushing, Okla. For the past seven weeks, the United States has been producing and importing an average of 1 million more barrels of oil every day than it is consuming. That extra crude is flowing into storage tanks, especially at the country's main trading hub in Cushing, pushing U.S. supplies to their highest point in at least 80 years, the Energy Department reported Wednesday, Feb. 25, 2015.

COPPELL, Texas-Retail gasoline prices in Texas and nationwide continue to slide amid declining crude oil prices.

AAA Texas on Thursday reported the average price at the pump statewide has slipped 3 cents this week to settle at $1.58 per gallon. U.S. retail gas prices are down a nickel, to reach $1.77 per gallon.

Amarillo has the cheapest gasoline in Texas this week at an average $1.46 per gallon. Drivers in El Paso are paying the most statewide at an average $1.62 per gallon.

AAA officials say the imbalance between supply and demand has contributed to falling prices at the gas pump. Market fundamentals continue to point to supply outpacing demand.

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