AUSTIN (Talk1370.com) -- Gas prices across the Austin metro area inched up slightly this week, according to the latest data from AAA Texas.
The average price for a gallon of regular unleaded fuel in the Austin-San Marcos metro area is $2.10 this week, up three cents from last week and nine cents cheaper than a year ago.
Across the state, drivers are paying one cent more this week, at an average of $2.13 a gallon. That's five cents cheaper than this time a year ago - and is the second-lowest average in the country, according to AAA.
Drivers in El Paso continue to see the state's highest average, at $2.31 a gallon, while drivers in Sherman-Denison are paying an average of $2.01 a gallon.
Drivers in Texas continue to see gas prices increase even as demand for gasoline fell across the country and regional supplies grew, according to data from the Energy Information Administration. Increasing crude oil prices compared to the beginning of the year continue to keep retail gas prices elevated to March 2020 levels. Oil prices have been increasing due to optimism surrounding COVID-19 vaccines and the market’s hopes of renewing demand later this year. An additional factor contributing to crude price increases is a production cut by OPEC+ led by Saudi Arabia.
“Even as demand for retail gasoline remains relatively low when compared to this time last year, pump prices across Texas inched up week-to-week,” said AAA Texas spokesperson Daniel Armbruster. “With the hope of increasing demand for gasoline later this year due to the recent rollout of COVID-19 vaccines and production cuts by OPEC+, crude oil prices are holding steady above $50 per barrel. Crude oil makes up approximately 55 to 60 percent of the total cost drivers pay at the pump for gas.”
