Austin-area gas prices hold steady this week, statewide prices up slightly

July 12, 2018 - 8:58 am
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AUSITN (KJCE) -- Gas prices leveled off this week in the Austin area, as increased demand pushes prices slightly higher across the rest of the state.

AAA Texas says the average price for a gallon of regular unleaded fuel in the Austin area is $2.62. That's 59 cents higher than a year ago, when drivers were paying an average of $2.03 a gallon.

Statewide, the average increased one cent this week to $2.66; that's 61 cents higher than this time a year ago.

Across the state, drivers in Midland are paying the most at the pump - an average of $3.12 a gallon, while San Antonio drivers are enjoying the lowest average at $2.53 a gallon.

Nationally, the average price is $2.88, up one cent from last week and 62 cents from this time last year.

Analysts say demand for gasoline remains strong week-over-week, driving gas prices slightly higher alongside rising crude prices.

While gas prices are climbing slowly, the good news for drivers is prices at the pump are far less expensive than the records set nearly 10 years ago. In 2008, AAA Texas was surveying the highest gas prices in history across the country and in the state. In Texas, the highest record average gas price average ever recorded was $3.98 on July 17, 2008. Nationally, the average price on average peaked at $4.11 on that same date. The US Energy Information Administration attributes those historic prices in 2008 to world crude oil prices rising as a result of high worldwide demand relative to supply.

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