TEXARKANA — Gas prices are climbing to levels not seen in over a year.
According to new data from AAA Texas, the average price for a gallon of regular unleaded gasoline was $2.47, a full 20 cents over the past week. The prices are 32 cents higher than they were a year ago at the same time, but nowhere near the record of $3.98 set on July 16, 2008.
The prices are the fourth-highest in the state of Texas. Only El Paso ($2.58), Odessa ($2.57), and Midland ($2.54) have higher prices.
The cheapest gas prices in Texas are in the San Antonio area at $2.33.
Texas’ statewide average of $2.40 are the third-lowest in the nation. Mississippi is on top at $2.34 and Louisiana is second at $2.38. Alabama is fourth at $2.42, and Arkansas and Missouri are tied for fifth-cheapest at $2.43.
Market analysts believe the impacts from the winter storms is impacting the oil and gas industry, along with optimism about COVID-19 vaccines renewing demand. The weekly demand is down significantly across the county. The U.S. Energy Information Administration says the demand for gasoline dropped to 7.2 million barrels per day, the lowest since May. The last time the Texas statewide gas price average was at $2.40 was in August of 2019.
“Refineries are recovering from last week’s wicked weather,” said AAA Texas spokesperson Daniel Armbruster. “Still, with demand reportedly down and fuel supplies healthy, gasoline prices are likely to rise for several days to come in the wake of the storm’s impact to production.”