It looks like the party's over at the pump.
The average price of gas in San Antonio jumped seven cents just in the past week, and now stands at $1.96, as it heads back toward that two dollar mark.
“As the statewide gas price average has now increased two weeks in a row, all eyes are on the price of crude oil,” said Daniel Armbruster, AAA Texas/AAA New Mexico spokesperson. “Crude oil prices, which have increased since the start of the year, will be a dominant factor in determining how much drivers will be paying for gasoline in the coming weeks.”
Late January is also the time of year when gas prices generally bottom out after several months of declines, and begin to head upward, until peaking at the height of the summer travel season in early July.
The price of crude oil has also started to rise, following declines over the past several months.
Armbruster says the direction crude takes in the coming months, as debate rages about the health of the global economy, will largely determine what we will pay at the pump in the coming months.