Texarkana gas prices rise five cents

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Texarkana gas prices

Texarkana gas prices continue to rise amid the elevating costs of crude oil and fuel supplies.

According to the latest information from AAA Texas, the average price for a gallon of regular unleaded gasoline has risen five cents over the past week in Texarkana from $3.23 to $3.28, tied with the Dallas and Fort Worth-Arlington area for the fourth-highest prices in the state. Only El Paso ($3.51), Abilene ($3.32), and Midland ($3.32) had higher rates than the Texarkana gas prices.

The cheapest prices can be found in Amarillo where motorists are paying $3.09 per gallon.

The Energy Information Administration says that the demand for gas in the United States dropped week-to-week by six percent. Nevertheless demand is strong as weekly regional fuel supply is decreasing along with Gulf Coast refinery utilization. The EIA says that the main culprit pushing pump prices up is the high cost of crude oil with recent spikes in demand for gasoline and other crude oil products in addition to geopolitical tensions being the reason for crude oil staying above $90 per barrel.

“Strong demand, tightening supplies and crude oil remaining above $90 per barrel will not alleviate the pain Texas drivers are feeling at the gas pump,” said AAA Texas spokesperson Daniel Armbruster. “The cost to fill up an average tank is approximately $45, which is about $14 more than a year ago.”

Sanctions on Iran are also a factor that market analysts will take a look at as the sanctions are about to end. If the sanctions are lifted, Iran might bring 500,000 barrels per day of crude oil to market, which could decrease oil prices, or at least slow consistent gains.

Missouri, Oklahoma, and Mississippi were tied for the cheapest gas prices in the country at $3.18. Arkansas has the fourth-lowest gas prices in the country at $3.19. Kansas had the fifth-cheapest prices at $3.20. Texas is sixth with $3.21. Kentucky is seventh at $3.22. Ohio is eighth at $3.23. Alabama is $3.27 and ninth. Tennessee is 10th at $3.28.