The statewide gas price average in Texas is $2.40 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is 16 cents more than on this day last week and is 24 cents more per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in Odessa are paying the most on average at $2.58 while drivers in San Antonio are paying the least at $2.33 per gallon. The national average price for a gallon of regular unleaded is $2.68, which is 11 cents more when compared to this day last week and 21 cents more than the price per gallon at this same time last year.
While many Southern refineries are returning to production after last week’s winter storm, the impact is still being felt in drivers’ wallets. Market analysts expect this rising trend to continue due to the weather’s effect to the oil and gas industry coupled with oil market optimism about COVID-19 vaccines renewing demand. Week-to-week demand, however, was down significantly across the U.S. The U.S. Energy Information Administration reports demand for gasoline fell to 7.2 million barrels per day across the country, the lowest level since late May. The last time the Texas statewide gas price average reached $2.40 was in August 2019.
“Refineries are recovering from last week’s wicked weather,” said AAA Texas spokesperson Daniel Armbruster. “Still, with demand reportedly down and fuel supplies healthy, gasoline prices are likely to rise for several days to come in the wake of the storm’s impact to production.”