The statewide gas price average in Texas is $2.94 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 are seven 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 $3.29 per gallon while drivers in Lubbock are paying the least at $2.64 per gallon. The national average price for a gallon of regular unleaded is $3.28, which is 13 cents more when compared to this day last week and 14 cents less than the price per gallon at this same time last year.
Supply of gasoline has fallen by seven million barrels over the last two weeks according to the latest data from the Energy Information Administration. Meanwhile, West Texas Intermediate crude oil is approximately two dollars more when compared to one month ago. Crude oil is the main ingredient in gasoline and if it continues to become more expensive, gasoline prices will likely increase.
“Gas price fluctuations continue, with prices rising by an average of 12 cents per gallon week-to-week for regular unleaded gasoline,” said Daniel Armbruster, spokesperson for AAA Texas. “Fuel prices will likely continue to fluctuate throughout the remainder of February and could increase as March approaches.”
