Gas Watch: Texas prices soar 20 cents in a week, Austin metro up 17 cents

Gas pump
Photo credit Scott Olson/Getty Images

AUSTIN (Talk1370.com) -- Gas prices shot up 20 cents on average across the State of Texas this week, reaching new record highs in the latest edition of AAA Texas' Weekend Gas Watch.

Austin area drivers are paying an average of $4.08 a gallon, up 17 cents from last week and $1.42 higher than a year ago, when drivers were paying an average of $2.66 a gallon.

Statewide, drivers are paying an average of $4.10 a gallon, which is $1.38 higher than last year. Across the country, drivers are paying an average of $4.42 a gallon.

Only four of the state's 27 markets have an average below the $4.00 mark this week, with Amarillo coming in the lowest at $3.91 a gallon. El Paso is seeing the state's highest average, which is $4.23 a gallon.

Record pump prices reappeared this week due to the higher cost of crude oil. Fear of a global energy supply disruption due to Russia’s invasion of Ukraine outweighs the demand concerns prompted by the impact of COVID-19 on China’s economy. The cost of a barrel of crude oil continues to exceed $100 as the market weighs the European Union imposing possible new sanctions on Russian oil.

“Drivers filling up this week likely felt sticker shock as the price for a gallon of regular unleaded shot up 20 cents over the past week to a new record high for Texas,” said AAA Texas spokesperson Daniel Armbruster. “Continued expensive gasoline prices have many consumers thinking about buying more fuel-efficient or alternative fuel vehicles."