Texas drivers are feeling the pain at the pump as gas prices continue to rise as the travel season shifts into high gear.
As crude supplies tighten and refineries struggle to keep pace with demand, the average price per gallon for regular gas in Texas as of June 7 was $4.60. For mid-grade, it was $4.90 and $5.21 for premium, according to AAA.
In Dallas, the average price of regular gas is $4.70 per gallon, $4.99 for mid-grade, and premium gas sits at $5.30.
As rising oil demand outpaces restricted global supply, the price of a barrel of oil is approaching $120, nearly doubling since last August, according to AAA.
Domestic gasoline demand increased last week as a result of a busy Memorial Day weekend. Subsequently, the national average price of a gallon of gas rose by 25 cents from the week prior to $4.86. That figure is 59 cents higher than a month ago and $1.81 more than a year ago.
“People are still fueling up, despite these high prices,” said Andrew Gross, AAA spokesperson. “At some point, drivers may change their daily driving habits or lifestyle due to these high prices, but we are not there yet.”
“Seeing this makes me want to just get out and walk,” driver Terrell Young told CBS News.
Last week, total American gasoline stockpiles fell by 700,000 barrels to 219 million barrels, according to new statistics from the Energy Information Administration (EIA).
Meanwhile, gasoline demand increased from 8.8 million barrels per day to 8.98 million barrels per day as motorists prepared for the holiday weekend travel. Pump prices have risen as a result of these supply and demand factors.
Prices are expected to increase as long as demand grows and supply remains tight, especially given the volatility of crude oil prices.
“What’s expected is [that] after summer driving season, we will get some relief,” stated another AAA Texas spokesperson, Daniel Armbruster. “We’re likely going to see higher prices because [of] demand.”
Oil prices are expected to decrease moderately between now and the end of 2023, according to the EIA.