DALLAS (WBAP/KLIF) – The statewide gas price average in Texas is $4.00 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch.
That price is 62 cents more than from this day last week and is $1.45 more per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in El Paso are paying the most on average at $4.19 per gallon while drivers in Amarillo are paying the least at $3.74 per gallon, according to AAA.
The national average price for a gallon of regular unleaded is $4.32, which is 59 cents more when compared to this day last week and $1.51 more than the price per gallon at this same time last year.
“Gas prices are climbing at a weekly pace we’ve never seen before, breaking records that set in 2008 across the state,” said AAA Texas spokesperson Daniel Armbruster. “Prices are anticipated to keep rising due to Russia’s invasion of Ukraine and the impact it’s causing on crude oil prices.”
Armbruster said the statewide gas price average recently jumped to a level never seen before in the Lone Star State due to Russia’s invasion of Ukraine. Market analysts attribute the sudden spike to uncertainty in the global oil market as to how big of an impact the loss of Russian crude will have.
The cost of crude oil is around 50-60% of what drivers pay at the pump – and those barrels of oil reached highs not seen since 2008. Volatility in the gas and oil market is expected to continue until the oil market figures out how to balance the loss of Russian energy.
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