In Burnet, Texas, a city of nearly 5,000 people far northwest from Austin, the Exxon station at 2751 SH-29 is selling gasoline from 99 cents a gallon. Against a national price of nearly $1.75 for a gallon of regular, the price is 57% of the national average.
Texas has 10 of the 50 stations in the United States with the lowest gas price. However, Oklahoma and Missouri have more, and Arizona nearly as many. The stations in Texas are not clustered. The town with the next lowest gas price is Lake Jackson, at $1.05, which sits very near the huge refinery cluster on the Gulf of Mexico and south of Houston. Another is in Cuero, in the middle of nowhere, far southeast of San Antonio, according to GasBuddy.
Texas does not have the lowest gas price among all states. But at $1.52 a gallon, it is below average prices in Oklahoma, Missouri, Kansas, Arkansas, South Carolina and Mississippi.
Despite a 13% spike in the price of crude since last Friday, oil remains near multiyear lows, having tumbled to below $31 a barrel again Thursday. The price of crude has a 52-week low of $26.05 and 52-week high of $65.69. An agreement among several producing nations to cap production at January levels is not helping boost prices significantly. Demand is slack worldwide, to some degree because of the slowdown in the Chinese economy.
Another contributor to gas prices is state and federal taxes that affect gas prices from state to state. According to the American Petroleum Institute, the national average is $0.48 per gallon. Texas is near the bottom of the list at $0.384. Oklahoma is at $0.354 and Missouri at $0.357. 24/7 Wall St. recently analyzed states with the highest and lowest gas taxes.
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