AUSTIN (Talk1370.com) -- Austin-area drivers are continuing to see new record highs at the gas pump, although the pace is slowing slightly according to AAA Texas' Weekend Gas Watch.
Austin-area drivers are paying an average of $4.69 a gallon for regular unleaded this week, up 12 cents from last week and $1.97 more than a year ago, when drivers were paying an average of $2.72 a gallon.
The metro is even with the statewide average, which is also $4.69 a gallon this week. That represents a seven cent increase over last week, and $1.93 more than this time last year. Nationwide, drivers are paying an average of $5.01 a gallon - up four cents from last week and $1.94 more than last year.
Of the major metropolitan areas surveyed in Texas, drivers in Dallas-Fort Worth are paying the most on average at $4.84 per gallon, while drivers in McAllen are paying the least at $4.41 per gallon.
The pace of pump price increases slowed this week, but price records were set in many areas. Higher gas prices are due to continued strong demand along with persistent concern over tighter global crude oil supplies with the ongoing war in Ukraine, and the world cutting off Russian oil.
Market analysts are watching how pressure from sky-high inflation and record fuel prices will impact demand in the coming weeks, noting it is possible that the recent interest rate increase by the Federal Reserve could slow demand and in turn cause gas prices to drop. AAA is monitoring market conditions and believe it's too soon to speculate how the move will impact fuel prices.
Texas continues to fall outside of the top ten states in the nation for the lowest gas price average, ranking 12th this week. California leads the country with the highest average, with drivers paying $6.43 a gallon on average in the Golden State.
