Gas Watch: Austin-area gas prices creep up slightly

Talk 1370 Newsroom
June 04, 2020 - 9:22 am
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AUSTIN (Talk1370.com) -- Gas prices continue to inch up slightly across Austin, according to AAA Texas' Weekend Gas Watch.

The average price for a gallon of regular unleadead in the Austin area is $1.65 this week, up two cents from last week and 80 cents cheaper than this time a year ago. Across the state, drivers are paying an average of $1.66 a gallon, while drivers across the country are paying an average of $1.99 a gallon.

Drivers in El Paso are seeing the state's highest average prices, at $1.89 a gallon, while drivers in Lubbock are paying the least at $1.57.

Analysts say crude oil prices and rising demand are applying the upward pressure on prices, with the national average about to cross the $2 mark.

"Texas has the second lowest statewide gas price average in the country; however, pump prices continue an upward trajectory with more people driving and crude oil prices rising,” said AAA Texas' Daniel Armbruster. "Even as gas prices increase, they remain far less expensive than last year."

U.S. Gasoline demand increased to around 7.6 million barrels per day, according to the latest report by the U.S. Energy Information Administration. That’s up from the nearly 7.3 million barrels per day the week prior. The EIA also reports refinery utilization is up to 76% in the Gulf Coast region last week from 75% the week prior. At the national level, refinery utilization is up slightly week-over-week registering at 72%.

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