Statewide gas price average up a penny

The statewide gas price average in Texas is $2.92 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 84 cents more per gallon compared to this day last year.

Gas prices locally in Howard County ranged from $2.77 at several locations around Big Spring to a high of $3.49 in Coahoma.

Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.07 per gallon while drivers in Corpus Christi and Victoria are paying the least at $2.82 per gallon. The national average price for a gallon of regular unleaded is $3.30, which is the same price when compared to this day last week and 95 cents 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 January 7, the U.S. gasoline demand number decreased week-to-week by around three percent and remains elevated from this time last year. Weekly regional fuel supply numbers increased slightly, and Gulf Coast refinery utilization registered steady from the week prior. While demand is down following the busy holiday travel period, and supply is up – the crude oil market has been optimistic that gasoline and fuel demand will be strong moving into the first part of 2022. This positive outlook has been leading to higher crude oil prices, which will likely result in higher pump prices down the road.

“Texas continues to have the cheapest gas price average of any state in the country,” said AAA Texas spokesperson Daniel Armbruster. “However, market optimism for crude and gasoline demand has been increasing the price of crude oil, which may lead to higher pump prices soon.”

Drivers in Texas are paying the lowest gas price average in the country, according to gasprices.aaa.com. Meanwhile drivers in California are paying the most at $4.65 on average for a gallon over regular unleaded.