The new gas prices are same as the old gas prices — with the average price per gallon in Texas remaining at $2.65 — but commuters hope not to be fooled again as AAA Texas reported Thursday that demand appears to be in sync with supply.
Nationwide, the average retail price increased 2 cents per gallon this week to $2.87, which is 64 cents more than the price per gallon at this same time last year.
The AAA survey found Midland has the most expensive gasoline in Texas this week at an average $3.09 per gallon. Drivers in San Antonio and Wichita Falls have the state’s cheapest prices at the pump at an average $2.53 per gallon.
Closer to home, the average retail price in Dallas fell 2 cents this week to $2.63 a gallon, while the price in Fort Worth-Arlington fell a penny to $2.62.
In Denton, GasBuddy.com on Thursday listed the lowest available price as $2.50 a gallon, found at the Sam’s Club station off West University Drive.
AAA experts say gasoline prices through the Independence Day holiday remained steady or declined slightly in most Texas cities.
AAA Texas reported that it is tracking the following factors that will continue to impact pump prices through the fall:
- Domestic crude inventories: For the first summer driving season in five years, the U.S. has seen the largest one-week reduction in crude inventories. A consistent decline in supplies could spark higher gas prices.
- Crude production and exports: Refinery runs are at an all-time high, and exports are at record levels, which impacts supply levels.
- Gasoline demand: The latest Energy Information Administration data show U.S. demand at 9.7 million barrels per day, one of the highest levels of the year.
- Crude oil prices: Last week, crude oil hit $74 per barrel — its highest level since 2014.
- Geopolitical concerns: Market observers are watching crude production levels in Libya and Venezuela amid economic woes in Venezuela and details on the Iran sanctions, all of which are influencing market prices.
The Associated Press contributed to this report.