Climbing crude oil prices prop up gas prices in many Texas cities
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 four cents more than on this day last week and is 98 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 $3.12 while drivers in Amarillo are paying the least at $2.64 per gallon. The national average price for a gallon of regular unleaded is $3.07, which is three cents more when compared to this day last week and $1.00 more than the price per gallon at this same time last year.
Pump price fluctuation will likely continue this summer.
On top of tracking gasoline supply and demand data, AAA Texas is tracking two additional factors: crude oil prices and global supply. Crude prices increased, with West Texas Intermediate sitting at $70 per barrel, the highest since October 2018. Since crude accounts for more than 50% of the price at the pump, when it goes up, so does the price motorists pay for fuel. What is promising for drivers wanting lower fuel costs is that crude oil may not sustain at this level. The Organization of the Petroleum Exporting Countries (OPEC+), and its allies including Russia, announced last week they still plan to gradually increase crude production in July. If they do increase production, this could lead to a decrease in crude oil prices.
“Gas prices are expected to fluctuate over the next few weeks,” said AAA Texas spokesperson Daniel Armbruster. “Higher crude oil prices will likely prop fuel prices up over the next several days.”
Drivers in Texas are paying some of the cheapest gas prices in the U.S., ranking 3rd 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.