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AAA Texas: Rising Crude Oil Prices and Lower Supply Push Gas Prices Higher

AAA Texas: Rising Crude Oil Prices and Lower Supply Push Gas Prices Higher
The statewide gas price average in Texas is $2.76 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is eight cents more than on this day last week and is 35 cents less 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 $3.22 per gallon while drivers in Amarillo are paying the least at $2.46 per gallon. The national average price for a gallon of regular unleaded is $3.10, which is one cent more when compared to this day last week and 38 cents less than the price per gallon at this same time last year.

Crude oil, the main ingredient in gasoline is becoming more expensive. Crude prices were boosted by an unexpectedly large decline in U.S. inventories as well as data showing a sharp drop in production last week due to winter weather. Market analysts with Oil Price Information Service note that conditions could favor even higher crude oil prices in the coming weeks. When breaking down the cost of a gallon of gas, crude oil accounts for 50 – 60 percent of what we pay at the pump.

“More expensive crude oil is beginning to push retail gasoline prices higher, including here in Texas,” said Daniel Armbruster, spokesperson for AAA Texas. The best way to save on fuel is to drive a well-maintained vehicle, go the speed limit, and utilize the free AAA mobile app to find the cheapest gas near you.”

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