The statewide gas price average in Texas is $2.64 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is six cents more than on this day last week and $1.14 more per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in El Paso and Midland are paying the most on average at $2.90 while drivers in San Antonio are paying the least at $2.52 per gallon. The national average price for a gallon of regular unleaded is $2.94, which is five cents more when compared to this day last week and $1.15 more than the price per gallon at this same time last year.
According to the latest data from the Energy Information Administration, the U.S. gasoline demand reading remained practically the same from the prior week at just under nine million barrels per day. Regional fuel supplies increased, and Gulf Coast refinery utilization registered higher as well to 90 percent. Crude oil prices have been fluctuating, sitting at $65 a barrel for West Texas Intermediate (WTI) as of Thursday morning. Earlier in the week, the price for WTI was at $66 per barrel, but fell overnight as investors raised concerns about rising inventories in the U.S. as well as an increase in COVID-19 cases in Brazil, India and Japan.
“Pump prices have increased this week in every major metro area across the Lone Star State,” said AAA Texas spokesperson Daniel Armbruster. “Rising COVID-19 cases in some overseas countries are causing demand concerns in global markets and crude oil prices have been fluctuating. Nonetheless, oil and gas market dynamics in Texas imply retail fuel prices may continue to rise as demand for gasoline is expected to increase with the upcoming Memorial Day holiday and as more Americans receive the COVID-19 vaccine.”
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.
