If the price of gas punched you right in the wallet over the weekend, you're not alone. Several people I've spoken with commented on feeling a little stressed when they stopped at the pump. AAA Texas recently put out a press release regarding the jump in price of gas, and these are the reasons we're seeing gas prices increase in Texas.
You Can Lay Some Of The Blame On Summer Heat
The other reasons listed weren't as surprising to me as this one. I never once stopped to think myself, "It's hot as hell outside. I bet the price of gas will go up."
I don't think I've ever thought that. I guess I could be accused of being a bit naive.
According to a press release from AAA Texas, heat does play a role. Thanks to the headline-making excessive summertime heat some of us have been experiencing, refineries have been cutting back on production.
Saudi Arabia Cutting Back, Inventories Decreased, Strong Demand Also Play A Role
The AAA Texas press release also pointed out that Saudi Arabia's recent reduction in output is another reason why prices have risen. Toss in strong summertime demand for gas, with decreased inventories, and you have a recipe for a jump in prices.
Fingers crossed as we get closer to the end of summer, we see prices go back down.
Prices Jumped $0.18 In The Past Week In Texas
In Amarillo, we saw around a $0.17 jump in the price of gas over the past week. The average price of gas in Texas at the time of writing is $3.40, roughly.
The most expensive place in Texas to fill up is El Paso. They're shelling out (no pun intended) $3.84 per gallon.
The cheapest spot in Texas to fill up? That would be San Angelo. They're paying around $3.22 per gallon.