AAA Texas: Statewide Gas Price Average Shoots Above $3

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AAA: 27 Texas metropolitan areas saw increases in pump price averages

HOUSTON (KIAH)  — The statewide gas price average in Texas is $3.02 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is nine cents more than on this day last week and is $1.15 more per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.46 per gallon while drivers in the Lubbock and Sherman/Denison areas are paying the least at $2.92 per gallon. The national average price for a gallon of regular unleaded is $3.37, which is seven cents more when compared to this day last week and $1.21 more than the price per gallon at this same time last year.

According to the latest data from the Energy Information Administration for the week ending October 15, the U.S. gasoline demand number increased week-to-week by around five percent and remains elevated from this time last year. Weekly regional fuel supply numbers decreased slightly, and Gulf Coast refinery utilization registered down from the week prior. The primary driver of this surge remains the cost of crude oil, which is now closing daily above $80 a barrel. In August, the price of crude was in the low $60s per barrel. The International Energy Agency forecasts more robust oil demand in the months to come, including for heating oil this winter, which is keeping crude oil prices elevated.

All 27 Texas metropolitan areas surveyed by AAA saw increases in pump price averages week-to-week with some cities experiencing significant increases. Regular unleaded averages in Corpus Christi, Dallas/Fort Worth, El Paso and Odessa jumped more than 10 cents per gallon, with El Paso seeing the largest jump at 31 cents.

“Texas hasn’t seen the statewide average above three dollars per gallon since October 2014,” said AAA Texas spokesperson Daniel Armbruster. “Gas prices may continue to rise as demand for fuel products has been robust and there continues to be supply chain disruptions like with many other industries.”

Drivers in Texas are paying the 3rd lowest gas price average in the country, according to gasprices.aaa.com.

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