AAA Texas: Gas prices on the rise as demand remains high

SAN ANTONIO (KTSA News) — You knew the recent trend of falling gas prices was going to change at some point – right?

AAA Texas reports the average price for regular unleaded fuel is $3.19 per gallon, which is six cents more than what you were paying one week ago.

A similar hike has happened in San Antonio over the last seven days. A week ago you were paying an average of $3.10 per gallon for regular, but now that average price has risen to $3.17.

“Retail gas prices are climbing for many drivers after a very busy Independence Day holiday along with increasing crude oil prices after Saudi Arabia’s move to cut production output to the global market,” said AAA Texas spokesperson Daniel Armbruster. “Crude oil makes up nearly half the cost of each gallon of retail gasoline. Keeping up with vehicle maintenance as well as safe driving habits will improve your fuel economy.”

Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.54 per gallon while drivers in San Angelo are paying the least at $2.92 per gallon.

The national average price for a gallon of regular unleaded is $3.55, which is two cents more when compared to this day last week and $1.08 less than the price per gallon at this time last year.

The latest round of economic data has sent market crude prices higher over the past few days. The higher cost of oil, plus summer-like demand coupled with decreasing regional supplies has led to slightly higher prices at the pump for most in the state. Whether interest rates go up or if there are more signs of an economic slowdown will shape how pump prices look for the rest of the summer.