AUSTIN (Talk1370.com) -- Rising demand and rising crude oil prices are continuing to put pressure on area fuel prices, with Austin-area drivers seeing a significant jump for the second week in a row.
The average price for a gallon of regular unleaded in the Austin-San Marcos metro area is $3.15 this week, which is up 15 cents from last week and 31 cents from two weeks ago. This time last year, drivers were paying an average of $2.96 a gallon.
Across the state, drivers are paying an average of $3.13 a gallon - a 14 cent hike from last week's average.
Of the major metropolitan areas surveyed across the state, 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.
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.
On the demand side of the equation, 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.
“Volatility remains front-and-center in the energy markets, but overall, there has been upward pressure on fuel prices,” said AAA Texas spokesperson Daniel Armbruster.
Texas drivers are seeing the lowest average in the country, while drivers in Hawaii are paying the most at $4.94 a gallon.
