The statewide average gas price jumped 4 cents on the week, AAA reported Thursday, landing at $1.64 for a gallon of regular unleaded — 88 cents less per gallon than during this time last year.
The U.S. average gas price also rose 4 cents on the week, settling at $1.97 a gallon — 86 cents more than in 2019.
Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $1.86, while drivers in Lubbock and Sherman/Denison are paying the least at $1.55 per gallon.
Drivers in the Dallas-Fort Worth region saw price upticks slightly higher than the rest of the state, with the average price in Dallas rising 6 cents to $1.62 a gallon and the average price in Fort Worth-Arlington also up 6 cents, to $1.64 a gallon.
In Denton, GasBuddy.com on Thursday listed the lowest available price as $1.46 a gallon, found at the Valero station off Interstate 35 and North Elm Street. That price is 17 cents more than the lowest reported price last week.
After dropping to a low of $1.49 earlier this month, the statewide price has increased 15 cents but is still significantly less expensive than the end of May 2019, AAA noted. The more expensive pump prices can be attributed to fluctuations in crude and demand.
In the past week, crude oil hit its highest price point — nearly $34 per barrel — since the White House declared the COVID-19 outbreak a national emergency and many states started implementing stay-at-home restrictions. While demand has been increasing since the end of April, it is down 28% compared to the first three weeks of May last year.
Gas prices are sharing a similar story at the national level; after falling to a low of $1.76 in April, the national gas price average is pennies away from reaching the $2-a-gallon mark.