AAA: Summer-like demand ticks gas prices upward slightly

Talk 1370 Newsroom
November 07, 2019 - 11:40 am

Stock photo/Dreamstime

Categories: 

AUSTIN (Talk1370.com) -- Summer-like demand sent gas prices upward slightly this week, according to AAA Texas' Weekend Gas Watch.

The average price for a gallon of regular unleaded fuel in the Austin metro area is $2.25 this week, up one cent from last week. Compared to a year ago, drivers are paying 20 cents less per gallon at the pump.

Statewide, drivers are paying an average of $2.28, which is three cents higher this week; across the country, drivers are paying an average of $2.63, up two cents this week.

Drivers in Midland continue to see some the state's highest average at $2.42 a gallon, while drivers in Victoria are paying the least this week at $2.19 per gallon.

AAA's Daniel Ambruster says prices across the state increased week-to-week as demand for retail gasoline increased. "Despite recent price fluctuations, Texans are still paying 17 cents less per gallon compared to one year ago as the busy Thanksgiving holiday travel period quickly approaches," Armbruster said.

Gasoline demand numbers look more like summer than fall in the Energy Information Administration’s (EIA) latest reports. The good news for drivers, regional refinery utilization increased as well, bumping rates to 89%. Refinery maintenance appears to be slowing, which will help to increase utilization this month and could prevent prices from spiking.

Crude oil prices have increased in recent days after the market expressed relief following U.S. Commerce Secretary Wilbur Ross’ announcement that the U.S. and China, the two largest oil-consuming countries in the world, are on track to complete phase one of their trade negotiations and a deal would likely be signed around mid-November. If trade tensions continue to subside, crude prices may continue to increase.

AP Editorial Categories: 
Comments ()