COPPELL, Texas (AAA) - The statewide gas price average in Texas is now $2.60 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is two cents more than last week and is 39 cents more per gallon compared to this day last year.
Of the major metropolitan areas surveyed in Texas, drivers in Midland and El Paso are paying the most on average at $2.84 while drivers in San Antonio and Texarkana are paying the least at $2.51 per gallon.
The national average price for a gallon of regular unleaded is $2.82, which is three cents more than this day last week and 45 cents more than the price per gallon at this same time last year.
Following record demand in April, market analysts note that retail gas prices may continue to increase potentially another 10 cents through Memorial Day, and then will likely stabilize during the summer.
However, if demand spikes during summer months, prices are likely to follow.
“As Texas families begin making plans for summer road trips, they should start budgeting now for gas prices that are nearly 40 cents more per gallon compared to this time one year ago,” said Daniel Armbruster, AAA Texas/AAA New Mexico Spokesperson. “Before embarking on any road trip, drivers should make sure their vehicle is up to date on any maintenance needs, including tires. Underinflated tires or low tire tread not only take away from fuel economy, but both are dangerous and can create a deadly situation.”
Oil prices were mostly stable over the last week, but remained near the three-year highs they reached in April. Meanwhile, U.S. crude production exports surged to the highest weekly estimate ever on record according to the Energy Information Administration.
Demand for gasoline in the U.S. has slowed some compared to last week and is now closer to normal levels for this time of year, but market analysts note that demand could increase again as Memorial Day approaches.
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