AUSTIN (Talk1370.com) -- The average price for a gallon of regular unleaded fuel has jumped above the $3 mark in the Austin metro area, according to AAA Texas' Weekend Gas Watch.
Austin drivers are paying an average of $3.01 a gallon this week, up four cents from last week and $1.18 more than a year ago.
Across the state, drivers are paying an average of $3.05 a gallon, which is up three cents this week and $1.21 from last year. Despite the increase, Texas drivers are paying the second lowest price on average in the country, only behind Oklahoma. Across the country, drivers are paying an average of $3.40 a gallon, also a three cent increase week-over-week.
El Paso area drivers continue to see the state's highest prices on average, at $3.41 a gallon, while drivers in Amarillo are seeing some of the state's lowest prices at an average of $2.91 a gallon.
According to the latest data from the Energy Information Administration for the week ending Oct. 22, the U.S. gasoline demand number decreased week-to-week by around three percent and remains elevated from this time last year. Weekly regional fuel supply numbers decreased slightly, and Gulf Coast refinery utilization registered up from the week prior.
The cost of crude oil remains the biggest reason why pump prices are not coming down, closing still above $80 a barrel daily. In August, the price of crude was in the low $60s per barrel. However, recent builds in oil supply on a national level have brought the price down by about three percent at the end of formal trading on Thursday closer to the $82 mark – down from $84 the day prior.
"To fill up an average size tank is costing $17 more compared to this time last year," said AAA Texas spokesperson Daniel Armbruster. “There are many market forces that suggest pump prices may stay around these levels for a few more weeks, however, market analysts have noted a surprise build in national oil inventories which may provide some relief as we approach the Thanksgiving travel period.”
