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Area gas prices jump again this week

February 01, 2018 - 2:27 pm
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AUSTIN (KJCE) -- Prices at the gas pump jumped six cents on average this week, according to the latest numbers from AAA Texas.

The average price for a gallon of regular unleaded in the Austin-San Marcos metro is $2.35, up from last week's average of $2.29. Statewide, the average jumped up four cents to $2.37; the national average jumped three cents to $2.59.

Of the major metropolitan areas surveyed in Texas, drivers in Midland and Odessa are paying the most on average at $2.55 while drivers in San Antonio are paying the least at $2.30 per gallon.

In Texas, all cities surveyed by AAA Texas have regular unleaded gas price averages lower than the national average. Crude oil has been selling at very expensive rates the past few months and now those higher market prices are trickling over to consumers at the pump. In addition to rising crude oil prices, the Energy Information Administration (EIA) reports an increase on the week in gasoline demand.

"Higher than normal consumer gasoline demand mixed with rising crude oil prices are causing Texans to pay 22 cents more per gallon, on average, when they fill up their tanks compared to one year ago," said Daniel Armbruster with AAA Texas.

Motorists in the South and Southeast are seeing higher than average gas prices for this time of year. Four states are paying at least 25-cents more compared to one year ago. Despite the year-over-year increases, the region is home to some of the cheapest gas prices in the country. Market analysts anticipate that oil prices will likely trend higher in the coming days. EIA’s latest weekly report highlights that U.S. crude inventories reached their lowest level in nearly three years.

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