AUSTIN (Talk1370.com) -- Gas prices across the Austin area are up significantly this week as crude oil prices remain high, according to the latest data from AAA Texas' Weekend Gas Watch.
The average price for a gallon of regular unleaded in the Austin-San Marcos metro area is $3.91 this week, up 15 cents from last week and $1.37 higher than this time last year.
Statewide, drivers are paying an average of $3.90 a gallon, an 11-cent increase from last week and $1.28 higher than a year ago. Across the country, drivers are also paying 11 cents more this week, at an average of $4.25 a gallon.
Drivers in Texarkana are paying the state's highest average at $3.99 a gallon, while drivers in Lubbock are paying the state's lowest average at $3.77 a gallon.
Pump prices rose again over the past week due primarily to the high cost of crude oil. Fear of a global energy supply disruption due to Russia’s invasion of Ukraine outweighs the demand concerns prompted by the impact of COVID-19 on China’s economy. The cost of a barrel of crude continues to exceed $100 as the market weighs the European Union imposing possible new sanctions on Russian oil. The price of oil accounts for about 60% of pump prices.
"This week drivers noticed prices on the rise due to the crude oil market still reacting to the war in Ukraine," said AAA Texas spokesperson Joshua Zuber. "While it is difficult to say how high prices may go, drivers should prepare their vehicles for road trips this summer by performing recommended maintenance, which can help improve fuel economy and maximize safety."
