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Texas gas price average increases 11 cents as demand remains strong

Gas Prices
Gas Prices(MGN)
Published: May. 5, 2022 at 9:21 AM CDT
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WACO, Texas (KWTX) - State gas prices have increased an average of $0.11 as the demand remains strong and the rise of crude oil prices.

The statewide gas price average in Texas is $3.90 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is 11 cents more than on this day last week and is $1.28 more per gallon compared to this day last year.

Of the major metropolitan areas surveyed in Texas, drivers in Texarkana are paying the most on average at $3.99 per gallon while drivers in Lubbock are paying the least at $3.77 per gallon.

The national average price for a gallon of regular unleaded is $4.25, which is 11 cents more when compared to this day last week and $1.32 more than the price per gallon at this same time last year.

Pump prices rose again over the past week due primarily to the high cost of crude oil.

Fear of a global energy supply disruption due to Russia’s invasion of Ukraine outweighs the demand concerns prompted by the impact of COVID-19 on China’s economy.

The cost of a barrel of crude continues to exceed $100 as the market weighs the European Union imposing possible new sanctions on Russian oil.

“This week drivers noticed prices on the rise due to the crude oil market still reacting to the war in Ukraine,” said AAA Texas spokesperson Joshua Zuber. “While it is difficult to say how high prices may go, drivers should prepare their vehicles for road trips this summer by performing recommended maintenance, which can help improve fuel economy and maximize safety.”

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