AAA Texas Weekend Gas Watch Report
Gas prices across Texas continue to drop and still sit below the national average, according to the AAA Texas Weekend Gas Watch report.
The average price for a gallon of regular unleaded gasoline in Texas is currently $2.73 with a high of $2.76 in Corpus Christi and a low of $2.65 in El Paso. AAA Texas reports the statewide average is 21 cents less than last November. The national average is currently $2.92.
The national price of gas has plummeted by 78 cents since peaking in April at $3.70.
Analysts with AAA expect prices to remain low as providers vie with falling global oil prices and stated consumers may experience the lowest Thanksgiving prices at the pump since 2009 citing falling global oil prices.
Possible reasons for falling gas prices:
In their most recent Oil Market Report, the International Energy Agency listed a growth of supply as well as a slowed demand growth throughout the world.
According to the group's report, the global supply of crude oil rose in September, 2104, by 910 kb/d (thousand barrels per day) to 93.8 mb/d (million barrels per day). At the same time, revised estimates show global oil demand growth is slowing somewhat before picking up again in 2015.
Black market oil prices:
Amid falling prices and slower demand growth, there are reports that Islamic State militants are selling barrels of crude oil for as little as $20 on the black market. RT out of Russia alleges that Islamic State militants are selling gas out of the northern Iraqi region of Kirkuk