Statewide gas price average jumps 11 cents

The statewide gas price average in Texas is $2.75 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is 11 cents more than on this day last week and is $1.22 more per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $2.96 while drivers in Amarillo are paying the least at $2.59 per gallon. The national average price for a gallon of regular unleaded is $3.03, which is nine cents more when compared to this day last week and is $1.17 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 end

ing May 7, the U.S. gasoline demand number remained practically the same from the prior week at 8.8 million barrels per day. Regional fuel supplies held steady, and Gulf Coast refinery utilization registered slightly lower by two percent, falling from 90 percent to 88 percent. While not factored into the latest data, presumed increased buying behavior from consumers due to news of the now restarted Colonial Pipeline may have caused most of the price spike in Texas. AAA Texas notes that the Lone Star state had practically no impact on supplies due to the shutdown and discourages panic-buying. There is ample supply of gasoline in the country and Texas.

“Those filling up in Texas do not need to worry about the fuel supply as there is plenty around the state and the nation,” said AAA Texas spokesperson Daniel Armbruster. “Drivers should note that panic-buying is unnecessary, especially in Texas, as the pipeline shutdown has had little-to-no impact on our state’s stock of gasoline.”