Statewide gas prices increase as crude oil demand rises

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Gas pump
Published: Jan. 26, 2023 at 9:27 AM CST
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WACO, Texas (KWTX) - Rising demand of crude oil prices has caused a rising demand increase in gas prices statewide, according to a new report from AAA Texas.

The statewide gas price average in Texas is $3.13 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is 14 cents more than on this day last week and is 13 cents more per gallon compared to this day last year.

Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $3.39 per gallon while drivers in Houston and Beaumont are paying the least at $3.08 per gallon.

The national average price for a gallon of regular unleaded is $3.50, which is 12 cents more when compared to this day last week and 16 cents more than the price per gallon at this same time last year.

Fuel price averages around the state made gains as crude oil prices remain north of $80 a barrel and U.S. demand increased from the prior week. Still in the background of the oil markets is the war with Russia and Ukraine keeping the supply picture unclear.

According to AAA Texas, market watchers are still wondering about the impact the inflation and higher interest rates may have on the energy industry. Also weighing on the markets is the question of China’s reported relaxing of COVID-19 restrictions and its potential impact that it may have on fuel demand.

Drivers in Texas are paying the lowest gas price average in the country.

Meanwhile drivers in Hawaii are paying the most at $4.94 on average for a gallon of regular unleaded.