AAA Texas: Pump prices continue to rise as crude oil costs climb
The statewide gas price average in Texas is $2.20 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is four cents more than on this day last week and is 12 cents 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 $2.47 while drivers in the Sherman-Denison area are paying the least at $2.12 per gallon. The national average price for a gallon of regular unleaded is $2.49, which is five cents more when compared to this day last week and six cents more than the price per gallon at this same time last year.
Gas prices keep increasing as the price for a barrel of crude keeps rising. Market analysts say this reflects optimism about COVID-19 vaccines renewing demand later this year and oil production cuts by members of the Organization for the Petroleum Exporting Counties (OPEC+). Demand for gasoline is still much lower than this same time last year, and regional supplies are back to levels not seen since August.
“COVID-19 concerns continue to keep gasoline consumption lower than this same time last year,” said AAA Texas spokesperson Daniel Armbruster.
“However, the crude oil market is betting on renewed demand later this year, and this is causing crude and, in turn, pump prices to go up.”
Drivers in Texas are paying some of the cheapest prices at the pump, ranking 2nd lowest in the country, according to gasprices.aaa.com.
Prices up to date at press time using market prices posted at 3:41 a.m. Motorists can find current gas prices along their route with the free and revamped AAA App for iPhone, iPad and Android. The app can also be used to map a route and learn traffic conditions along that route, find discounts, locate parking, book a hotel and request and track AAA roadside assistance. Learn more at www.AAA.com/mobile. To help members and non-members identify quality auto repair shops that can assist in the maintenance and repair of their vehicles, AAA offers the Approved Auto Repair program as a free public service. AAA-approved repair facilities meet and maintain high professional standards for training, equipment, cleanliness and customer service. Motorists can look for the Approved Auto Repair sign at local auto repair facilities, or search for a nearby AAA-approved shop online at AAA.com/Repair. AAA Texas branch offices throughout the state can be found by visiting www.AAA.com. Follow AAA Texas on Twitter: @AAATexas and Facebook: www.facebook.com/AAATexas.