Gas prices once again rose to new highs, according to AAA Texas.
The current average price of gas in Texas rose to a record $4.34 on Thursday, which is $1.63 higher than last year and eight cents more than last week. Drivers in the San Marcos/ Austin area were paying an average of $4.32 for a gallon of unleaded gas as of Thursday, which is a five-cent increase from last week and a $1.66-rise from this time in 2021.
AAA Texas said the spike in prices was driven by the oil market watching the possibility that supplies may become tighter as COVID-19 lockdowns ease in China, and that the European Union will phase in a ban of most Russian oil products. Additionally, AAA Texas stated that reports of Saudi Arabia preparing to increase oil production to make up for the loss of Russian oil in the market has kept prices from skyrocketing.
