AAA Texas: Gas Prices Increase Further as Global Supplies Tighten

Gas Prices Increase

COPPELL, Texas – The statewide gas price average in Texas is $2.62 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is four cents more than this day last week and is four cents more per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $2.79 while drivers in San Antonio are paying the least at $2.47 per gallon. The national average price for a gallon of regular unleaded is $2.88, which is four cents more than this day last week and nine cents more than the price per gallon at this same time last year.

Gas Prices Increase

This week, the U.S. government announced a plan to end the use of waivers for countries to import oil from Iran. In November of last year, the U.S. re-imposed sanctions on exports of Iranian oil, however, waivers were granted to allow some countries to continue making limited oil purchases from Iran for six months. U.S. Secretary of State Mike Pompeo announced that the administration will not renew sanctions waivers in an attempt to end all oil exports from that country. Decreases in Iranian oil exports will tighten the supply in the global market, which has already seen decreases as a result of the ongoing U.S. sanctions against Iran and Venezuela, along with OPEC’s reduced production.

“As the U.S. further blocks Iranian oil exports, global supplies are expected to continue tightening and retail gas prices will likely keep going up,” said Daniel Armbruster, AAA Texas/AAA New Mexico spokesperson. “The retail price increase will be dependent on how expensive crude oil becomes and for how long.”

Regional refinery utilization remains relatively steady, around 90 percent, and the south and southeast regions of the U.S. are the only ones to measure at a year-over-year surplus. All of this means that states in these areas, including Texas, could see only moderate changes in retail prices through the end of the month.

Prices up to date at press time using market prices posted at 3:41 a.m. Motorists can find current gas prices along their route with the free and revamped AAA App for iPhone, iPad and Android. The app can also be used to map a route and learn traffic conditions along that route, find discounts, locate parking, book a hotel and request and track AAA roadside assistance. Learn more at www.AAA.com/mobile.

To help members and non-members identify quality auto repair shops that can assist in the maintenance and repair of their vehicles, AAA offers the Approved Auto Repair program as a free public service. AAA-approved repair facilities meet and maintain high professional standards for training, equipment, cleanliness and customer service. Motorists can look for the Approved Auto Repair sign at local auto repair facilities, or search for a nearby AAA-approved shop online at AAA.com/Repair. AAA Texas branch offices throughout the state can be found by visiting www.AAA.com. Follow AAA Texas on Twitter: @AAATexas and Facebook: www.facebook.com/AAATexas.