While drivers across the state this week found stable prices at the pump, with AAA on Thursday reporting no change in the average gas price of $2.26 a gallon, Denton commuters saw double-digit spikes when filling up.
The Texas average price for a gallon of regular unleaded is now just 4 cents cheaper per gallon than the price during this time in 2018. The U.S. average price dipped 2 cents on the week, to $2.59 a gallon —a penny cheaper than last year.
Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $2.41, while drivers in Tyler and Victoria are paying the least at $2.16 per gallon.
Closer to home, prices increased across the Dallas-Fort Worth region, with the average price per gallon jumping 4 cents in Dallas to $2.32, while the average price in Fort Worth-Arlington rose 3 cents to $2.30.
In Denton, GasBuddy.com on Thursday listed the lowest available price as $2.19, found at the Sunoco station off East McKinney Street and Bell Avenue. That price is 16 cents higher than the lowest-available price reported last week.
An increase in gasoline stocks amid rising demand helped to keep prices in most Texas cities from increasing week to week, AAA reported. However, AAA forecasts that 3.8 million Texans, the most since 2005, will drive 50 miles or more away from home this Thanksgiving. With an increase in automobile travel volume, demand for retail gasoline will likely rise, and that could cause pump prices to fluctuate through the remainder of the month, AAA warned.
Regional refinery utilization jumped to 89.7%, according to the Energy Information Administration’s latest data. That is the highest rate for any region in the country. With the increase in utilization, gasoline stocks increased to 78.5 million. This combination helped to stave off price increases for many Texas cities this week, AAA reported.