The statewide gas price average in Texas is now $3.17 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is seven cents higher than a week ago and the same as on this day last year. Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.45 per gallon while drivers in Amarillo and Lubbock are paying the least at $2.97 per gallon. The national average price for a gallon of regular unleaded is $3.54, which is three cents more compared to last week and the same price per gallon as on this day last year. The slight nudge higher came despite Hurricane Beryl smacking into the coast of Texas, a record number of July 4th car travelers, and oil costs hovering above $80 per barrel.
“Analysts say the impact on oil production and refining from Beryl was minimal,” said AAA Texas spokesperson Doug Shupe. “Some areas saw double-digit price increases, but overall the storm did not have as big of an impact as it could have. However, we are still early in the hurricane season.”
Given how critical the Gulf of Mexico is to energy, analysts say a strong enough hurricane in the region could further and more harshly impact states like Texas and Louisiana by impacting the supply and lead to price spikes, given that those states account for a sizable portion of the country's refining power.
According to new data from the Energy Information Administration (EIA), gas demand dipped from 9.42 million b/d to 9.39 last week. Meanwhile, total domestic gasoline stocks fell from 231.7 to 229.7 million barrels, while gasoline production increased last week, averaging 10.3 million barrels daily. Tepid gasoline demand and waffling oil costs may lead to some short-term stability in pump prices.
