Gas Watch: Pump prices inching up in Austin area

Texas average among the lowest in the country this week

Talk 1370 Newsroom
June 18, 2020 - 9:48 am
Gas pump nozzle

Joe Raedle/Getty Images

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AUSTIN (Talk1370.com) -- Gas prices are continuing to inch their way back up as gasoline consumption continues to rise, according to the AAA Texas Weekend Gas Watch.

Austin-area drivers are paying an average of $1.82 a gallon for regular unleaded this week. That's up two cents from last week and 54 cents cheaper than a year ago.

Across the state, drivers are also seeing an average of $1.82 a gallon. The El Paso area is seeing the state's highest average at $1.94 a gallon, while drivers in Sherman-Denison are paying $1.71 a gallon. Nationwide, the average is up three cents this week to $2.11, 57 cents cheaper than a year ago.

AAA Texas Top 5 Gas Prices

Despite consumption driving the price up, market analysts say they don't expect prices to spike to typical summer levels because of the amount of supply available.

"Motorists are paying higher prices at the pump as more drivers return to the roadways," said AAA Texas' Daniel Armbruster. "And while Texas drivers are paying a little more at the pump this week, Texas ranks 5th in the country among states with the lowest gas price averages."

This week, four Texas cities made the top 10 list for U.S. metro areas with the lowest gas price averages - Sherman-Denison (1st), Amarillo (2nd), Lubbock (4th), and Tyler (9th).

Regionally, gasoline stocks built by only 100,000 barrels, to 91.7 million barrels. Refinery utilization rates were reported by the Energy Information Administration (EIA) at nearly 78%, a slight 2% increase from the week prior. The minimal increases in stocks and refinery rates would typically mean smaller increases at the pump, especially with a utilization rate that is at its highest point in two months. Given these latest spikes, drivers could expect to see prices increase at a slower rate in the week ahead.

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