Iran tensions drove gas prices up 4 cents in Texarkana

Abilene

TEXARKANA — After a week’s worth of tensions between the United States and Iran, gas prices in Texarkana rose four cents.

According to data from AAA Texas, the average cost for the price of regular unleaded gasoline in the Texarkana area rose from $2.22 to $2.26, which are the ninth-lowest gas prices in the state.

The cheapest gas can be found in Victoria where the average price of gas is $2.20 a gallon. The most expensive gas in Texas is in the El Paso area at $2.51. Texarkana’s gas prices are four cents lower than the statewide average and 34 cents lower than the national average.

Crude oil prices contribute nearly 60% of retail gas prices that U.S. customers pay. Though crude oil prices are on a downward trend, there was a brief spike on Wednesday after Iran attacked an air base in Iraq that houses U.S. military troops. The global supply of oil has not been impacted and the markets are calm.

“While tensions between the U.S. and Iran have the potential to cause an increase in crude oil prices and eventually retail gas prices, so far that has not happened,” said AAA Texas spokesperson Daniel Armbruster. “Regional gasoline stocks are healthy and as of Thursday, crude oil prices remain stable. If this trend continues, drivers will likely only see minimal impact due to the conflict.”

The Energy Information Administration reports that the regional refinery utilization is at 97%. Stocks are anticipated to build in the coming weeks, and gas prices should decrease unless crude oil prices rise.