Texas Gasoline Prices Continue Upward Climb
by: Ed Mayberry, July 21, 2011 4:07:00 pm
The average price for a gallon of regular in Texas is $3.61 — four cents higher than last week's average. Houston's average is up a penny, to $3.56 per gallon. Sarah Schimmer with AAA Texas says the U.S. debt ceiling continues to impact the market.
"Analysts are saying that the market is definitely impacted by the continuing discussion of the U.S. debt ceiling, the debt concerns in Europe — especially Greece going through a similar situation regarding their national debt. The Chinese National Bank is poised to adjust some of their interest rates. All of the things combined are impacting the market."
The weakening of the U.S. dollar also contributes to price increases.
"Oil futures are traded in U.S. dollars. So when the dollar weakens, those investors that are holding foreign currencies get more for their money, and that can pressure prices upward."
Schimmer says the state's cheapest gas is found in El Paso, at $3.52 per gallon.
"El Paso's actually serviced by West Coast distributors. El Paso prices are more often in line with prices that we see in New Mexico. Here in Texas, we're seeing the most expensive statewide average in the Dallas/Fort Worth area at $3.66."
The national average is at $3.69 per gallon.