AUSTIN (Talk1370.com) -- After weeks of declines, Austin-area drivers are seeing an increase at the gas pump according to AAA Texas' Weekend Gas Watch.
The average price for a gallon of regular unleaded fuel this week across the Austin-San Marcos metro area is $2.72. That's a 14 cent increase from last week, and 14 cents cheaper than this time a year ago.
Across the state, the average price is up 13 cents to $2.75 a gallon. That's a 13 cent increase over this time last year. Nationwide, drivers are paying an average of $3.16 a gallon, which is six cents higher on the week and six cents cheaper than a year ago.
Drivers in El Paso continue to see the state's highest market average at $3.25 per gallon, while drivers in Corpus Christi are paying the least at $2.60 per gallon.
Rising crude oil prices have made their way to gasoline pumps across Texas. Prices for a barrel of crude oil increased from the lower $70s to around $80 just a few days ago. Other factors impacting fuel prices likely include the cold weather snap over the weekend which analysts suggest could temporarily impact fuel deliveries as well as refinery operations.
However, the upward trend may be short-lived as crude oil futures have been pointing down the past couple of days on news of COVID cases increasing in China. China is the world's biggest importer of oil.
“The dynamics of crude oil and gasoline markets continue to be volatile as analysts weigh domestic and international demand outlooks coupled with supply impacts from the war between Ukraine and Russia,” said AAA Texas spokesperson Joshua Zuber.
Texas drivers are paying the second-lowest average in the country, with Georgia drivers paying an average of $2.73 a gallon. Hawaii has the nation's highest average, at $5.03 a gallon.
