Gas Prices Diverge Across Texas
In a surprising turn of events, gas prices in San Antonio, Texas are experiencing a slight decrease just ahead of this year’s Independence Day. Conversely, the rest of the Lone Star State sees an increase in fuel costs, prompting mixed reactions among motorists.
San Antonio Bucks the Trend
As per the latest reports, regular unleaded fuel in San Antonio is now costing an average of $3.11 per gallon. This price is two cents less than the average from the previous week, providing a bit of relief for inhabitants of the Alamo City.
Texas-wide Increase Afflicts Motorists
Contrarily, other Texas regions are feeling the sting of rising gas prices. The statewide gas price average for regular unleaded has increased to $3.10 per gallon – a rise of five cents from last week. This pricing is also 11 cents lower than the comparisons to this time in the previous year.
The cities of El Paso and Amarillo represent the state’s extremes. El Paso’s average fuel price has hit the highest of $3.25 per gallon, while Amarillo motorists are enjoying the lowest average at $2.91 per gallon.
National Concerns Around Gas Prices
Across the United States, the national average for a gallon of regular unleaded has also witnessed an increase. It now stands at $3.50 per gallon. This figure is more than last week by five cents and less than the numbers from the same period last year by six cents.
Data Supports Slowed Price Increase
The Energy Information Administration (EIA) has released pertinent data that could ease concerns around increasing gas prices. The recent report shows that gas demand has reduced to 8.96 million b/d from the previous 9.38 million b/d, marking a demand level, which is approximately 240,000 b/d below this week in the previous year.
Moreover, the supply of domestic gasoline has seen an increase from 231.2 to 233.9 million barrels. The combination of lower demand and greater supply may serve to slow the increase of fuel prices, despite the higher oil costs.
Outlook for Independence Day
Despite the varied trends, AAA TX spokesperson Daniel Armbruster assured that gas prices during Independence Day would be lower compared to last year. This news comes even amid the predictions of record travel volumes for the holiday, which usually cause fuel prices to spike.
However, with lower fuel demand in recent weeks and the expected demand increase for the holiday, the actual effect on the prices during Independence Day remains to be seen.
