Texas gas price average hits a record high overnight
WACO, Texas (KWTX) - Texas gas prices have set an overnight record in the state’s gas price average.
According to AAA Texas, the current price average is $4.34 for a gallon of regular unleaded fuel that is eight cents more than on this day last week and is $1.63 more 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 $4.54 per gallon while drivers in Lubbock are paying the least at $4.16 per gallon.
The national average price for a gallon of regular unleaded is $4.71, which is the highest price ever recorded by AAA, is 11 cents more when compared to this day last week and $1.67 more than the price per gallon at this same time last year.
After a very busy start to the summer driving season, the statewide gas price average hit yet another record high Thursday.
The spike is primarily driven by the oil market watching the possibility that supplies may become tighter as COVID lockdowns ease in China and the European Union will phase in a ban of most Russian oil products.
Keeping a cap on oil prices from skyrocketing further are reports that Saudi Arabia said it is prepared to increase oil production to make up for the loss of Russian oil in the market.
“New retail gas price records continue to be set across the state as crude oil prices remain elevated due to tight supplies around the globe,” said AAA Texas spokesperson Daniel Armbruster. “Prices will likely continue to fluctuate with relief likely not coming until after the busy summer travel season concludes.”
Drivers in Texas are paying the 9th lowest gas price average in the country.
Drivers in California are paying the most at $6.21 on average for a gallon over regular unleaded.
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