Austin-area gas prices keep plunging

Austin-area gas prices continued to drop this week, driven by a sharp decline in both oil prices and consumer demand, according to new data from industry tracking firm GasBuddy.com.

The price for regular unleaded gasoline is currently $1.56 per gallon in the Austin metro area, according to GasBuddy, which surveys prices at 830 Austin-area gasoline sellers. That’s a drop of 7 cents from last week’s average price of $1.63 per gallon and is down 37 cents from the same week last month. The current average price per gallon is 92 cents lower than it was at the same time last year, according to GasBuddy data.

The $1.56 per gallon average is the lowest April average price in the Austin metro area in more than 10 years, according to GasBuddy data.

Nationally, the average price fell 7 cents to an average of $1.83 a gallon, according to GasBuddy data. That price is 42 cents lower than a month ago and roughly $1 lower per gallon than a year ago, according to GasBuddy’s survey of nearly 150,000 gas stations nationwide.

Over the weekend, the international oil regulatory body OPEC and its allies agreed to cut oil production by roughly 10 million barrels a day. The deal was aimed at stopping the decline in crude oil prices, which have plunged by more than 60% since the beginning of the year.

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