Gas prices jumped more than a dime this week in the Texoma region as most metro areas in the state saw lower fuel costs.
AAA Texas announced in its Weekend Gas Watch that drivers in the Sherman-Denison metro area were paying an average of $2.27 per gallon of unleaded gas as of Thursday, Oct. 17. That’s up 11 cents from last week’s average of $2.16, the travel agency indicated.
Still, prices are about 27 cents lower than the average for this time last year, when gas prices reached $2.54 per gallon for the area.
Statewide, prices were averaging $2.31 per gallon Thursday, two cents more than the same day last week but 33 cents less per gallon compared to the same day last year.
Of the major metropolitan areas surveyed in Texas, drivers in Midland were paying the most on average at $2.47 while drivers in Tyler were paying the least at $2.21 per gallon.
Texas, along with the national average, saw a minor bump in pump prices thanks to oil market volatility and an unseasonable spike in demand, according to market analysts and the Energy Information Admiration’s latest data sets.
“Gasoline prices continue to fall week-to-week in most metro areas in the Lone Star State,” Joshua Zuber, AAA Texas/New Mexico spokesperson, said in a press release. “However, spikes at the pump in a few metro areas, such as Dallas and Fort Worth-Arlington, helped push the statewide average up a couple of pennies.”
Prices in the Metroplex rose 12 cents this week — the only metros with a higher increase than Sherman-Denison. All other Texas cities listed in the Weekend Gas Watch showed prices rising up to 4 cents or falling by as much as 6 cents compared to last week.
With a build of one million barrels, the south and southeast region of the nation recouped the previous week’s gasoline stock draw and pushed total levels back over 80 million barrels. That significant stock build should help keep gas prices relatively stable in the week ahead, according to an AAA analysis. Regional refinery utilization saw a small 1% decline.
Prices were up to date at press time using market prices posted at 3:41 a.m. Thursday.