Gas Watch: Prices continue to inch upward this week

Talk 1370 Newsroom
June 25, 2020 - 10:46 am
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AUSTIN (Talk1370.com) -- Gas prices are continuing to inch upward towards the $2/gallon mark, according to the AAA Texas Weekend Gas Watch.

The average price for a gallon of regular unleaded fuel across the Austin area this week is $1.89, up seven cents from last week and 45 cents cheaper than this time last year. Across the state, drivers are seeing the same average of $1.89 a gallon - the sixth-lowest in the country. The nationwide average this week is $2.17 a gallon, up six cents this week and 50 cents cheaper than a year ago.

Abilene, El Paso, Midland, and Odessa all have the state's highest average at $1.98 a gallon, while drivers in Amarillo are paying the least at $1.80.

Analysts say demand will continue to ebb and flow in the coming weeks as people are cautious about travel; pump prices will likely continue to increase, but at a much slower pace.

"Gas prices remain on an upward trend, but drivers continue to save as the statewide gas price average has remained below $2 per gallon for more than 100 consecutive days," said AAA Texas' Daniel Armbruster. "The statewide gas price average is 48 cents less per gallon compared to this same time last summer."

After a few weeks of stock builds, the Energy Information Administration reports the South and Southeast region saw a draw of just under 1 million barrels per day. Total stocks dropped down to 90.8 million barrels, which is still a significant 10 million barrel surplus.

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