TEXAS (Nexstar). According to the AAA Texas Weekend Gas Watch, the average gas price in Texas is $ 2.75 per gallon of regular unleaded fuel.
That price is four cents more than that day last week and 98 cents more per gallon compared to the same day last year.
Of the major metropolitan areas surveyed in Texas, drivers in El Paso pay the most on average at $ 3.12, while drivers in Amarillo pay the least $ 2.64 per gallon.
Pump price fluctuations are likely to continue this summer.
In addition to tracking gasoline supply and demand data, AAA Texas monitors two other factors: crude oil prices and global supply.
Oil prices are up, with West Texas Intermediate at $ 70 a barrel, the highest since October 2018.
Since oil accounts for more than 50% of the price of a gas station, when it rises, so does the price that motorists pay for fuel.
What’s promising for drivers looking to lower their fuel costs is that crude oil may not keep up with this level.
The Organization of the Petroleum Exporting Countries and its allies, including Russia, announced last week that they still plan to gradually increase oil production in July.
If they increase production, it could lead to lower crude oil prices.
“Gas prices are expected to fluctuate over the next few weeks,” said AAA Texas spokesman Daniel Armbruster. “Higher crude oil prices are likely to drive fuel prices up over the next few days.”
Drivers in Texas pay some of the cheapest gas prices in the US, ranking 3rd in the country.