HOUSTON (CW39) Triple A Texas is reporting a slight increase in gas prices as we approach the end of 2020.
The statewide gas price average in Texas is $1.86 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is one cent more than on this day last week and is 36 cents less per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in Odessa are paying the most on average at $2.04 while drivers in the Sherman-Denison area are paying the least at $1.76 per gallon. The national average price for a gallon of regular unleaded is $2.16, which is the same price when compared to this day last week and 41 cents less than the price per gallon at this same time last year.
While demand for gasoline across the country trended lower week-to-week to its lowest level since late May, pump prices in the Lone Star State increased slightly likely due to crude oil prices that have been hovering at higher levels from earlier this year at around $45 a barrel. In addition, the latest Energy Information Administration (EIA) report shows a decline, week-to-week, in regional supply of gasoline stock.
“Higher crude oil prices seem to be setting into the pump prices around Texas,” said AAA Texas spokesperson Daniel Armbruster. “However, the slight increases may only be temporary due to a climbing number of positive COVID-19 cases, which could further put a dent in demand for retail gasoline.”
Drivers in Texas are paying some of the cheapest prices at the pump, ranking 3rd lowest in the country, according to gasprices.aaa.com.
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