Increased U.S. Oil Production Pushes Pump Prices Lower

Drivers, rejoice! Gas prices are down three cents from last week, making the gas price average in Texas $2.11 for one gallon of regular unleaded fuel. The national average is $2.29 per gallon, four cents less than last week.  

According to the AAA Texas Weekend Gas Watch, drivers in El Paso pay the most in the state at $2.20 per gallon, and Lubbock drivers pay the least, at $2.03. 

At an OPEC meeting on Sunday, energy ministers announced a sucessful limit on oil output so far in 2017. Eleven OPEC countries and 11 non-OPEC countries struck a deal in November to to cut production of oil collectively by 1.8 million barrels a day for the first six months of 2017 in an effort to reduce oil supply and support crude oil prices. These countries have cut production by 1.5 million barrels a day, according to OPEC on Sunday.

The United States has actually increased production as a result of 35 new oilrigs. With these new rigs, the total in the U.S. is 694, resulting in a substantial increase in output and counteractin OPEC's cuts.

AAA Texas and New Mexico Rep. Doug Shupe says drivers in Texas pay some of the lowest gas prices in the country. "We encourage drivers to keep vehicles maintained in an effort to maximize fuel efficiency," says Shupe. Now is the time to fill those tanks!

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