Gas prices increase

July 29, 2011

Gas prices locally stand at 3 cents more than the state average price of $3.62.

The average price for a gallon of regular unleaded gasoline in Texas is $3.62, a penny more than the average last week, according to the AAA Texas Weekend Gas Watch.
The national average is $3.71. The statewide average price is nine cents less than the national average. Texans will find the least expensive average price for gasoline in the state is in El Paso at $3.52.  Dallas and Ft. Worth are reporting the most expensive averages in the state at $3.66 for a gallon of regular unleaded. The current gas price in Sweetwater is $3.65.
Market analysts say economic uncertainty regarding the U.S. debt ceiling continues to impact the market.  Debt concerns in Europe are also impacting market performance. 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.  
“The Texas statewide average price for a gallon of regular unleaded increased a penny since last week.  Today’s statewide average is 27 cents less than the current high price for the year of $3.89 that was reached on May 13," said AAA Texas/New Mexico Public Affairs Representative Sarah Schimmer in Houston.

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