The statewide gas price average in Texas is $3.38 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is 17 cents more than from this day last week and is 92 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 $3.58 per gallon while drivers in Amarillo are paying the least at $3.24 per gallon. The national average price for a gallon of regular unleaded is $3.73, which is 19 cents more when compared to this day last week and 99 cents more than the price per gallon at this same time last year.
Gas price averages in Texas and across the country have increased significantly in the last week, similar to a price spike following a major hurricane. The statewide gas price average has not been as high as $3.38 since August 2014. The energy market has been volatile in recent weeks due to the war between Russia and Ukraine, causing uncertainty about Russia’s large crude oil supplies making it on to the global market. That uncertainty is causing crude oil prices to spike well over $100 a barrel and means that gas prices will more than likely continue to rise as drivers gear up for spring travel season.
“Oil prices have skyrocketed to 11-year highs due to the volatility in global crude markets caused by Russia’s invasion of Ukraine,” said AAA Texas spokesperson Daniel Armbruster. “Demand for gasoline will only increase as spring approaches and more people travel. Couple that with rising crude oil prices and drivers can expect to continue to see even higher fuel prices in the days and weeks ahead.”
Drivers in Texas are paying the third lowest gas price average in the country, tied with Mississippi, according to gasprices.aaa.com. Meanwhile drivers in California are paying the most at $4.94 on average for a gallon over regular unleaded.
