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Rising Crude Prices, Higher Demand Send Pump Prices Up

The statewide gas price average in Texas is now $2.37 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is four cents more than last week and is 22 cents more per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in Midland and Odessa are paying the most on average at $2.55 while drivers in San Antonio are paying the least at $2.30 per gallon. The national average price for a gallon of regular unleaded is $2.59, which is three cents more than this day last week and 31 cents more than the price per gallon at this same time last year.

 

In Texas, all cities surveyed by AAA Texas have regular unleaded gas price averages lower than the national average. Crude oil has been selling at very expensive rates the past few months and now those higher market prices are trickling over to consumers at the pump. In addition to rising crude oil prices, the Energy Information Administration (EIA) reports an increase on the week in gasoline demand.

 

“Higher than normal consumer gasoline demand mixed with rising crude oil prices are causing Texans to pay 22 cents more per gallon, on average, when they fill up their tanks compared to one year ago,” said Daniel Armbruster, AAA Texas/AAA New Mexico Senior Public Affairs specialist. “Drivers should maintain fuel efficiency by following the recommended maintenance schedule in their owner’s manual. Keeping tires properly inflated, moving parts adequately lubricated and emissions systems in good operating condition will help to maximize fuel efficiency.”

 

Motorists in the South and Southeast are seeing higher than average gas prices for this time of year. Four states are paying at least 25-cents more compared to one year ago. Despite the year-over-year increases, the region is home to some of the cheapest gas prices in the country. Market analysts anticipate that oil prices will likely trend higher in the coming days. EIA’s latest weekly report highlights that U.S. crude inventories reached their lowest level in nearly three years.

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