Average gas prices increase
The average price for a gallon of regular unleaded gasoline in Texas is $3.57, the same price it was one month ago on June 14, according to the AAA Texas Weekend Gas Watch.The national average is $3.65. The statewide average price is eight cents less than the national average, but increased about 12 cents since last week. Texans will find the least expensive average price for gasoline in the state is in El Paso at $3.48. Ft. Worth is reporting the most expensive average in the state at $3.61 for a gallon of regular unleaded. Sweetwater's gas price is $3.58.The current high price for the year in Texas was at $3.89 reached on May 13. The lowest price since mid-to-early May was $3.42 on July 4. Gas prices in Texas are about a dollar more than a year ago. The U.S. dollar is weaker than it has been in recent weeks. Economic uncertainty in the U.S. is also impacting the market. Oil futures are traded in U.S. dollars, and when the dollar weakens, investors, including those holding foreign currencies, get comparatively more oil for their money. This makes crude oil a more attractive investment, which can pressure prices upward. “This week the cost to fill up an average family-sized vehicle is about $50. Texans were paying about $50 for the same fill up about a month ago, and about $36 for the same fill up about a year ago," said AAA Texas/New Mexico Public Affairs Representative Sarah Schimmer in Houston.