Gas Watch: Pump prices up as demand levels off

Talk 1370 Newsroom
July 16, 2020 - 8:56 am
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AUSTIN (Talk1370.com) -- Gas prices are inching back up with steady demand and a slow rise in crude oil prices, according to the latest AAA Texas Weekend Gas Watch.

The average price for a gallon of regular unleaded fuel in the Austin area is $1.93 this week, up five cents from last week and 57 cents cheaper than a year ago. The statewide average is up four cents this week to $1.92, a full 60 cents cheaper than this time last year. Nationwide, the average is up one cent to $2.20 a gallon, which is 59 cents cheaper than a year ago.

Drivers in El Paso are paying the most on average at $2.17 - a increase of 20 cents on the week - while drivers in Lubbock are paying the least at $1.84 per gallon. Texas drivers are paying some of the cheapest prices at the pump, ranking 6th in the country. Only nine other states are paying below $2 a gallon on average.

On average, drivers around the nation, and in Texas, are filling up with the most expensive gas since mid-March, according to AAA. "Pump prices are creeping back up around the Lone Star State, and around the country, with demand relatively steady over the past few weeks and crude oil prices slowly rising," said AAA Texas' Daniel Armbruster. "However, demand for gasoline has leveled off, even after the Independence Day holiday weekend."

Regional gasoline stock supply dropped to levels not seen since mid-April, according to the latest data from the Energy Information Administration.

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