AUSTIN, Texas – According to the latest AAA Texas Weekend Gas Watch, the average price for regular unleaded gasoline in Texas is currently $2.69 per gallon. This marks a one-cent decrease from last week but is three cents higher than this time last year.
Among major cities in Texas, El Paso drivers are facing the highest average price at $2.84 per gallon, while Lubbock residents are paying the lowest at $2.52 per gallon. The national average for a gallon of regular unleaded is $3.10, which is also three cents higher compared to last week and last year.
The Energy Information Administration (EIA) has released a report indicating a decline in gasoline demand, along with a rise in fuel supply. Typically, this would lead to lower gas prices. However, the situation is complicated by an increase in crude oil prices. West Texas Intermediate (WTI) crude has risen by $6 per barrel since the start of the year. Crude oil, which makes up about 50% of the cost of gasoline, could push gas prices higher in Texas as we move further into January.
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