By San Antonio Business Journal

Reduced U.S. gasoline summer consumption and ample supplies of gasoline are continuing to translate to stable fuel prices at the pump.

Retail gas prices throughout Texas are down one cent on average from last week, according to AAA Texasâ¿¿ Weekend Gas Watch. On average, motorists are paying $2.56 for regular gas at the pump.

In San Antonio, drivers are paying $2.53 on average at the pump. This is down two cents from last week.

Nationwide, prices are unchanged from a week ago.

Analysts with AAA Texas say oil prices are in a holding pattern and have been trading between $69 and $79 a barrel since mid-May. Today, oil is trading at around $75 per barrel.

Also, U.S. gasoline consumption is down compared to past four summers, according to the U.S. Department of Energy.

During the first week of July 2010, gas consumption rose to 9.44 million barrels per day, but has since subsided to 9 million barrels per day by the second week. Even though the seasonal spike is due to the July 4th Weekend, it is lower than previous summers.

Copyright 2010 American City Business Journals
Copyright 2010