Brent crude oil, the world benchmark, hit $80 a barrel today for the first time in nearly four years, and that is also pushing up the price of gas in San Antonio, News Radio 1200 WOAI reports.
AAA Texas reported today that the average San Antonio price for unleaded today is $2.60, up from $2.53 one week ago. Despite the price rise, San Antonio motorists are still paying the least in the state for gas.
“Texans are paying $7.42 more, on average, to fill up one tank of gas compared to this same day last year,” said Daniel Armbruster, AAA Texas Spokesperson. “Rising gas prices will not stop many Texans from traveling this Memorial Day, as AAA predicts the most people to travel away from home for the holiday since 2005.”
The last time gas prices in San Antonio were this high was October 15, 2014. We are paying 46 cents a gallon more today than we were paying one year ago today.
The same factors which have been pushing oil prices up all year remain in play. The robust economy has increased demand, OPEC has succeeded in getting reduced production from all of its nations plus Russia in an attempt to raise prices, Venezuela production has fallen to essentially zero due to government mismanagement.
Add to that the fear of the loss of Iranian crude on the market, due to President Trump's decision to end the Iran nuclear deal, which means the possible re-instating of economic sanctions.