Seasonal Demand Sends Gasoline Prices Higher

Gas pump | Image by TravelCouples/Getty Images

Seasonal price increases are hitting fuel pumps across Texas.

According to AAA, the average price for a gallon of gasoline was $3.16 on April 4, a nearly 8% increase compared to the same day a month earlier. Even though fuel prices have increased since February, data shows that prices remain flat year over year.

The increase in gas prices through the spring is typically due to seasonal factors such as refinery maintenance, the switch to summer-blend fuel, and increased demand, according to AAA spokesman Daniel Armbruster.

“We attribute the recent increase to summer blend gasoline coming onto the market and increasing demand for fuel,” Armbruster told The Dallas Express. “The switch over to summer blend gasoline — which is required by the EPA — can sometimes push price averages up $.05-$.20 per gallon.”

While seasonal spikes are expected in April, rising tensions overseas have also increased fuel prices.

“Renewed Ukrainian attacks on Russia’s oil infrastructure and increasing tension in the Middle East spiked oil prices recently,” said AAA spokesperson Andrew Gross in a report. “And with the cost of oil accounting for roughly 60% of what we pay at the pump, there will likely be some upward pressure on prices.”

Although fuel costs are up across the United States, prices in Texas remain on the low end of the range. The national average for a gallon of regular gasoline topped $3.56 in April, nearly double the price from former President Donald Trump’s last year in office and slightly above the statewide average of $3.16.

Despite the relatively low fuel costs in Texas, residents of Dallas County are seeing a spike in the prices they pay at the pump. Overall, the average gas gallon cost is about 11 cents higher in Dallas County than statewide.

With the summer travel season quickly approaching, Goldman Sachs forecasts gas prices climbing as high as $4 by May.

Jay Young, founder and CEO of King Operating Corporation, an oil and gas exploration service based in Addison, warned motorists to expect higher prices.

“I just don’t see it going down,” he said, per NBC 5 DFW. “So, if you want to drive further this summer, be prepared to pay more.”

Since gas prices aren’t expected to drop anytime soon, Young recommends making the gas bill a line item on the household budget.

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