The statewide gas price average in Texas is $3.05 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is three cents more than from this day last week and is $1.21 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 $3.41 per gallon while drivers in Amarillo are paying the least at $2.91 per gallon. The national average price for a gallon of regular unleaded is $3.40, which is three cents more when compared to this day last week and $1.25 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 October 22, 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 decreased slightly, and Gulf Coast refinery utilization registered up from the week prior. The cost of crude oil remains the biggest reason why pump prices are not coming down, closing still above $80 a barrel daily. In August, the price of crude was in the low $60s per barrel. However, recent builds in oil supply on a national level have brought the price down by about three percent at the end of formal trading on Thursday closer to the $82 mark – down from $84 the day prior.
“To fill up an average size tank is costing $17 more compared to this time last year,” said AAA Texas spokesperson Daniel Armbruster. “There are many market forces that suggest pump prices may stay around these levels for a few more weeks, however, market analysts have noted a surprise build in national oil inventories which may provide some relief as we approach the Thanksgiving travel period.”
Drivers in Texas are paying the 2nd lowest gas price average in the country, according to gasprices.aaa.com.
