AUSTIN (Talk1370.com) -- Prices at gas pumps across the Austin area are on their way back up after the Christmas holiday travel season, according to AAA Texas' Weekend Gas Watch.
The average price for a gallon of regular unleaded fuel in the Austin-San Marcos metro area is $2.88 a gallon, up three cents from last week and 92 cents higher than a year ago.
Across the state, drivers are paying $2.91 on average, which is two cents higher than a week ago and 94 cents higher than last year.
Drivers in El Paso are seeing the state's highest pump prices on average, paying $3.17 a gallon, while San Antonio drivers continue to enjoy the lowest average at $2.80 a gallon.
Nationwide, drivers are paying an average of $3.30 a gallon, making a two cent increase from last week.
Analysts say a combination of strong demand and optimism are pushing crude oil prices higher, along with concerns that political unrest and pipeline issues overseas could take more than 500,000 barrels of oil per day out of the global market. So far, leaders with OPEC+ are indicating they'll stick to a plan that will add another 400,000 barrels per day beginning next month.
"There are many layers of uncertainty surrounding the Omicron variant and how it will impact crude oil and gas prices,” said AAA Texas spokesperson Daniel Armbruster. "However, market optimism for crude and gasoline demand has been leaning toward the upside, which is why we’ve been seeing slight price increases at the pump."
Meanwhile, the pre-Christmas fire at the Exxon Mobil Corp plant in Baytown is causing reduced output. However, recent reporting indicates the damage was to a non-refining section of the complex. The plant is the nation’s fourth-biggest oil refinery, with the capacity to process 560,500 barrels per day of crude.
