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Austin-area gas prices jump again this week

May 17, 2018 - 9:17 am

AUSTIN (KJCE) -- The temperature isn't the only thing rising in Central Texas right now. Gas prices are on their way up as well.

Drivers in Austin are paying an average of $2.64 per gallon for regular unleaded, according to the latest numbers released Thursday by AAA Texas. That's a five cent increase from last week, and 47 cents higher than a year ago.

Austin drivers aren't alone. Statewide, Texas drivers are paying an average of $2.70, up seven cents from last week, and the national average jumped six cents to $2.90 a gallon.

Drivers in El Paso are flirting with the $3.00 mark, paying the most in the state at $2.99 a gallon. Amarillo and San Antonio drivers are paying the least at $2.60 a gallon. The largest price jump week-to-week was in San Angelo where drivers are paying 15 cents more, on average, for a gallon of gas today than they were on this day last week.

Pump prices increased across the nation over the last week in large part due to the White House’s decision to re-impose sanctions on Iran. As a result, 36 states are seeing gas prices that are a nickel or more expensive in past seven days. The Administration’s move combined with the switchover to summer blend, growing global demand and shrinking supply continues to fuel pump prices as we approach the summer driving season.

"Texans are paying $7.42 more, on average, to fill up one tank of gas compared to this same day last year," said Daniel Armbruster with AAA Texas. "Rising gas prices will not stop many Texans from traveling this Memorial Day, as AAA predicts the most people to travel away from home for the holiday since 2005."

The South and Southeast region of the U.S. took the largest inventory draw in the country over the last week. Levels are now at their point the region has seen since the beginning of December 2017.

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