AAA Texas: Statewide Pump Prices Falling. but Crude Prices Rise

Crude Oil Prices & Weather push gas price up in some Texas Metros

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The statewide gas price average in Texas is $3.41 for a gallon of regular unleaded fuel,
according to the AAA Texas Weekend Gas Watch. That price is five cents less than on this day last week and is 61 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 $3.72 per gallon while drivers in McAllen are paying the least at $3.10 per
gallon. The national average price for a gallon of regular unleaded is $3.88, which is five cents less when compared to this day last week and 73 cents more than the price per gallon at this same time last year.

The Texas statewide pump average still fell for the 10th week in a row; however, recent headlines about the Organization of the Petroleum Exporting Countries and its allies (OPEC+) considering cutting output have been a big reason for oil prices to head higher. Higher oil futures are likely contributing to some Texas metro areas experiencing price jumps as many school districts return, coupled with the summer driving season still underway. Previously, the cost of oil had edged lower on fears of economic slowdowns around the globe. And while demand dropped nationally weekto-week, so did regional gas supplies, likely helping prop pump prices up.

Another factor pushing gas prices higher in select markets could be the severe weather which has been affecting parts of the Gulf, and floods may be impacting delivery of some fuel products.

“Supply and demand volatility in the oil and gas markets can quickly change pump prices,” said AAA Texas spokesperson Joshua Zuber. “The market is going to continue to be very sensitive to headlines with the ongoing war in Ukraine.”

Drivers in Texas are paying the fourth lowest gas price average in the country, according to gasprices.aaa.com. Meanwhile drivers in Hawaii are paying the most at $5.31 on average for a gallon over regular unleaded.

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.

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