AUSTIN (Talk1370.com) -- Austin-area drivers are paying a little bit more at the gas pump this week, according to the latest AAA Texas Weekend Gas Watch.
The average price for a gallon of regular unleaded gasoline across the Austin-San Marcos metro area was $3.19 Thursday, up 8 cents from last week's average and one dollar less than a year ago.
Across the state, drivers are paying six cents more on average, also up to $3.19 a gallon. Nationwide, the increase is a little more muted, up two cents on the week on average to $3.55 a gallon.
El Paso drivers continue to see some of the state's highest prices, with drivers paying $3.54 a gallon on average this week. San Angelo is the week's low spot, with drivers paying $2.92 a gallon on average.
Analysts say the higher cost of oil, plus summer-like demand coupled with decreasing regional supplies has led to slightly higher prices at the pump for most in the state. For the rest of the summer, interest rates and other signs of a possible economic slowdown will have the most impact on what happens at the pump for the rest of the season.
“Retail gas prices are climbing for many drivers after a very busy Independence Day holiday along with increasing crude oil prices after Saudi Arabia’s move to cut production output to the global market,” said AAA Texas spokesperson Daniel Armbruster. “Crude oil makes up nearly half the cost of each gallon of retail gasoline."
Drivers in Texas are paying the seventh-lowest average in the country, while drivers in Washington are paying the most at $4.95 a gallon.