AAA Texas: crude oil prices climb, driving upwards pressure on Texas gas prices

AMARILLO, Texas (KAMR/KCIT) — The statewide gas price average in Texas is $2.82/gallon for regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is seven cents higher than last week and is 22 cents lower per gallon compared to last year.

According to AAA Texas, of the major metropolitan areas surveyed in Texas, drivers in the Dallas and Fort Worth Metroplex are paying the most on average at $2.96/gallon, while drivers in the Lubbock area are paying the least at $2.66/gallon. The national average price for a gallon of regular unleaded is $3.20, which is seven cents more than this day last week and 25 cents less per gallon than this day last year.

Despite the recent rise in retail gas prices, today’s statewide average in Texas remains lower than this time last year. However, some metropolitan areas are experiencing sharp weekly increases, with prices climbing as much as 35 to 40 cents per gallon.

Crude oil prices have increased by $9 per barrel over the past week, bringing West Texas Intermediate to its highest level since mid-January. Since crude oil is the primary ingredient in gasoline, rising oil prices often lead to higher retail gas prices. AAA Texas officials stated the ongoing conflict between Israel and Iran is contributing to uncertainty in global energy markets, which could continue to impact fuel costs. As the geopolitical situation remains fluid, it’s unclear how high—or for how long—oil and gas prices may remain elevated.

“Gasoline prices are largely driven by the cost of crude oil,” said Daniel Armbruster, spokesperson for AAA Texas. “With current geopolitical events contributing to rising oil prices, drivers should be prepared for potential fluctuations at the pump in the coming weeks.”