Gas prices continue upward with no end in sight

SAN ANTONIO (KTSA News) — Gas prices in the state of Texas appear to be going up by day.  Oddly, the price for a gallon of regular unleaded dropped by 2-cents overnight.

The statewide gas price average in Texas is $3.49 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch.

That price is 10 cents more than on this day last week–but 18 cents less per gallon compared to this day last year.

El Paso is paying the most on average at $3.78 per gallon.  San Angelo is paying the least at $3.26 per gallon.

The national average price for a gallon of regular unleaded is $3.82, which is 11 cents more when compared to this day last week.

“Crude oil prices continue to climb as Saudi Arabia and other OPEC+ members continue with further production cuts,” said AAA Texas spokesperson Daniel Armbruster. “When it comes to the price of retail gasoline there are several factors, but the cost of crude oil is the primary driver. Pump price fluctuations remains possible as demand for fuel is strong.”

Gasoline demand remains relatively strong while supplies have only gone up just slightly in the prior week after several weeks for declines.

Energy industry analysts also say the extreme heat is impacting refinery production.

 

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