Gas Prices 2012-Present
by: Jack Williams, January 3, 2013 10:01:00 am
Even though gasoline prices dipped toward the end of the year to under $3.00 a gallon in some places, the overall average was the highest on record in Texas. Doug Shupe is with AAA.
"The statewide average for the year in Texas was $3.43 in 2012. The previous annual record was $3.37 in 2011 and the third most expensive year for gas prices was in 2008 when the annual average was $3.13."
The most expensive month last year was April, when gasoline prices averaged more than $3.80 a gallon. Several major hurricanes, refinery outages and tension in the Middle East all contributed to higher prices. Barbara Shook is with Houston-based Energy Intelligence Group and says future price hikes likely won't be because of demand.
"We've probably already peaked in our gasoline consumption in the US. I've heard that from the chairman of Exxon Mobil and from the heads of other major oil companies. We're just not going to see gasoline consumption like we have in the past.
What kind of impact that has on prices, I don't know. I don't think increases in gasoline prices will be demand driven in the future, they'll be supply driven."
Prices have started to creep back up in the first week of 2013. AAA says gasoline was up 8-cents here in Houston this week, to an average of $3.14 a gallon.