AUSTIN (Talk1370.com) -- Prices at Austin-area gas pumps are on their way up, according to the latest AAA Texas Weekend Gas Watch.
The average price for a gallon of regular unleaded fuel in Austin this week is $1.63, up four cents from last week and 85 cents cheaper than this time a year ago. Similar increases are being seen across the state, where drivers are paying an average of four cents more this week at $1.64 a gallon, and across the nation where drivers are paying $1.97 a gallon - also an increase of four cents a gallon.
El Paso drivers are seeing some of the state's highest prices, paying $1.86 a gallon on average, while Lubbock and Sherman/Denison are seeing the state's lowest average at $1.55 a gallon.
After dropping to a low of $1.49 earlier this month, the statewide price has increased 15 cents, but is still significantly less expensive than the end of May 2019. Analysts say the more expensive pump prices can be attributed to fluctuations in crude and demand. In the past week, crude oil hit its highest price point – nearly $34 per barrel – since the Administration declared the COVID-19 outbreak a national emergency and many states started implementing stay-at-home restrictions. While demand has been increasing since the end of April, it remains down 28% compared to the first three weeks of May last year.
"With many states and local officials easing restrictions surrounding COVID-19, gas and crude oil prices have been on the rise," said Daniel Armbruster with AAA Texas. "However, the pandemic still has caused demand levels to sink much lower than in recent history."
Gas prices are sharing a similar story at the national level, after hitting to a low of $1.76 in April, the national gas price average is pennies away from reaching the $2/gallon mark.
