Gas prices in Texas increased by over 2 cents from last week, due to elevated crude oil prices and increasing demand, according to the AAA.
The statewide price for gas is $3.07 for a gallon of regular unleaded fuel; according to the AAA Texas Weekend Gas Watch, that is $1.27 more compared to this day last year. The national average price for a gallon of regular unleaded is $3.41 per gallon.
"According to the latest data from the Energy Information Administration for the week ending October 29, the U.S. gasoline demand number increased week-to-week by around two percent and remains elevated from this time last year as well as in 2019," said the AAA in a Thursday report.
Texas drivers pay the 3rd lowest in the nation for gas, reports the AAA. Within the state, drivers in Amarillo are paying the least ($2.91) and drivers in El Paso are paying the most ($3.36).
"News that Iranian oil, which has not been sold globally in large quantities since 2018, may return to the world market coupled with an OPEC+ meeting today (November 4), has increased market volatility, but are slowing pump price increases, at least for now," said the AAA. "Crude oil prices increased overnight in early trading but have been fluctuating throughout the week."
