AAA Texas: Elevated Crude Oil Prices, Rising Demand Push Statewide Gas Price Average Up Two Cents; El Paso price tops state once again

Local

EL PASO, Texas (KTSM) – Thanks to a one-two punch of higher crude oil prices and demand increasing ahead of the upcoming holidays, drivers around the Borderland – and the state – are paying higher prices to fill up.

According to the AAA Texas Weekend Gas Watch, the statewide gas price average in Texas is $3.07 for a gallon of regular unleaded fuel, That price is two cents more than from this day last week and is $1.27 more per gallon compared to this day last year.

El Paso drivers are paying the most on average at $3.36 per gallon, while drivers in Amarillo are paying the least at $2.91 per gallon.

The national average price for a gallon of regular unleaded is $3.41, which is one cent more when compared to this day last week and $1.29 more than the price per gallon at this same time last year.

“The Thanksgiving travel period is fewer than three weeks away, and Texas drivers are paying, on average, $1.27 more for a gallon of regular unleaded gasoline from this time last year…However, higher fuel prices are not expected to deter travelers from driving to their holiday destination.”

AAA Texas spokesperson Daniel Armbruster

Drivers in Texas are paying  the 3rd lowest gas price average in the country, according to gasprices.aaa.com.

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.

Weekly regional fuel supply numbers increased slightly, and Gulf Coast refinery utilization registered up from the week prior. 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.

Crude oil prices increased overnight in early trading but have been fluctuating throughout the week.

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