The average price for a gallon of regular unleaded gasoline in Texas increased one cent since last week according to the AAA Texas Weekend Gas Watch. The national average increased four cents.
The statewide average is 13 cents less than the national average. The statewide average is $3.45 and the national average is $3.58.
Texans will find the least expensive average price for gasoline in the state is in El Paso and Houston at $3.41. Amarillo and Ft. Worth are reporting the most expensive average in the state at $3.48 for a gallon of regular unleaded. Sweetwater’s gas is currently $3.45 for a gallon of regular unleaded.
What’s driving the market?
• The price of crude oil increased in the market and is now trading at about $1.30 more than last week. The current price per barrel is about $96.
• The U.S. dollar is weaker than in recent weeks. Oil futures are traded in U.S. dollars, which means that 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 pressures prices upward.
“This week marks the second half of 2011, and there are about eight weeks left of the summer season. For those Texans that chose not to travel over the 4th of July holiday, there is still plenty of time to schedule a summer vacation," said AAA Texas/New Mexico Public Affairs Representative Sarah Schimmer in Houston. “Labor Day typically marks the end of the summer driving season.”