Gas Prices Climb as Sprring Break Approaches

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(Coppell, TX) – The statewide gas price average in Texas is $3.06 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is 12 cents more than on this day last week and is 87 cents less per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.44 per gallon while drivers in San Angelo are paying the least at $2.91 per gallon. The national average price for a gallon of regular unleaded is $3.47, which is 10 cents more when compared to this day last week and 78 cents less than the price per gallon at this same time last year.

Gas prices are increasing across Texas as Spring Break travel kicks into high gear. Demand for fuel continues to climb while regional supplies have dropped over the last week. Another reason for the pump price increase is that the seasonal switch to summer blend gasoline is underway. This blend is designed to lower emissions during the summer and is more expensive to refine. Switching to summer blend usually adds about five to ten cents to the price of retail gasoline.

When it comes to the main ingredient in gasoline, crude oil, inflation and higher interest rates are on the minds of market watchers. This comes as uncertainty remains in the forecast for the possibility of an economic slowdown while demand for travel remains optimistic. That, coupled with headlines about fuel demand out of China changing daily – the price of crude oil continues to swing between around $70 to just over $80 a barrel.

“As a busy Spring Break season gets underway, increasing pressure on fuel demand is causing retail gas prices to increase,” said AAA Texas spokesperson Daniel Armbruster. “While gas prices have climbed above $3 again in many areas across the state, the average price for fuel is significantly cheaper than at this time last year, which will likely spur demand for travel this spring and summer.”

Drivers in Texas are paying the third lowest gas price average in the country, according to gasprices.aaa.com. Meanwhile drivers in California are paying the most at $4.93 on average for a gallon of regular unleaded.

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TX HIGHEST 5_ 03_09_2023

 

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Prices up to date at press time using market prices posted at 3:41 a.m. Motorists can find current gas prices along their route with the free and revamped AAA App for iPhone, iPad and Android. The app can also be used to map a route and learn traffic conditions along that route, find discounts, locate parking, book a hotel and request and track AAA roadside assistance. Learn more at www.AAA.com/mobile.