AAA Texas: Statewide Gas Price Average Climbs Above $2.50, National Average Now Over $2.70

News
Gasoline_1524174418080.jpg

The statewide gas price average in Texas is now $2.52 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. 

That price is seven cents more than last week and is 25 cents more per gallon compared to this day last year. 

Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $2.72 while drivers in Sherman and Denison are paying the least at $2.37 per gallon. 

The national average price for a gallon of regular unleaded is $2.74, which is seven cents more than this day last week and 33 cents more than the price per gallon at this same time last year.

With the national gas price average at $2.74, gas prices across the country are at their most expensive point in nearly three years and continue to climb. 

Expensive crude oil prices, unrest in the Middle East, strong domestic demand, record production rates and global oil supply surplus have created the perfect storm to drive spring gas prices toward new heights.

“Multiple factors including increasing oil prices, tensions overseas and record demand are resulting in higher gas prices, said Daniel Armbruster, AAA Texas/AAA New Mexico Spokesperson. “While gas prices are rising, Texans are not feeling as much pain at the pump compared to drivers in other states. This week, Texas continued to make the list for top 10 lowest gas price averages in the U.S.”

Oil prices edged higher last week following new concerns about tension in the Middle East. Following the weekend’s air strikes in Syria, prices have increased. 

Although Syria is not a major oil producer, tension in the country could ripple to other countries in the region and restrict global oil supply flows.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Don't Miss

More Don't Miss