AAA Texas: Rising crude oil prices prop up average gas prices in several cities across Texas

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TEXAS (Nexstar)- The statewide gas price average in Texas is $2.75 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch.

That price is four cents more than on this day last week and is 98 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 $3.12 while drivers in Amarillo are paying the least at $2.64 per gallon.

Pump price fluctuation will likely continue this summer. 

On top of tracking gasoline supply and demand data, AAA Texas is tracking two additional factors: crude oil prices and global supply.

Crude prices increased, with West Texas Intermediate sitting at $70 per barrel, the highest since October 2018.

Since crude accounts for more than 50% of the price at the pump, when it goes up, so does the price motorists pay for fuel.

What is promising for drivers wanting lower fuel costs is that crude oil may not sustain at this level. 

The Organization of the Petroleum Exporting Countries and its allies including Russia, announced last week they still plan to gradually increase crude production in July.

If they do increase production, this could lead to a decrease in crude oil prices.

“Gas prices are expected to fluctuate over the next few weeks,” said AAA Texas spokesperson Daniel Armbruster. “Higher crude oil prices will likely prop fuel prices up over the next several days.”

Drivers in Texas are paying some of the cheapest gas prices in the U.S., ranking 3rd lowest in the country.

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