The prices of gas in Texas have risen negligibly even as the average price of regular-grade gasoline in the U.S. has spiked from seven cents per gallon over that last two weeks to nearly $2.90 per gallon which is the 10th straight week of increases as of last week.
Although these circumstances are coming up, the motorists might still want to brace for higher gas prices at the pump due to a confluence of factors leading to an upward cost trend.
According to the survey of Lundberg, the rise in the prices of oil across the nation is the highest experienced since November 2014 which is accelerated due to the higher crude oil costs and the phasing-in of summer-grade gasoline designed to prevent smog.
Lundberg has however reported that the current price nearing $3 per gallon is the highest since November 2014, and has been rising for 10 weeks straight for a total of 31 cents since Feb. 9. Beyond Texas, some areas of the country already have been hit hard by the increases: The average per-gallon cost last week for regular gas was in San Francisco was $3.73 in the San Francisco Bay area.
The Triple AAA of Texas reported that the prices are considerably lower in the Lone Star State. The current price of regular-grade gas is $2.653, up slightly from last week’s average of $2.644. The nation’s lowest gas was $2.45 in Baton Rouge, La. as of last week. The national average is $2.866 per gallon.
According to the reports, another main factor affecting gas prices: The Trump administration’s decision this week to re-impose economic sanctions in Iran and withdrawing the U.S. from the Iran Nuclear Deal established in 2015 under President Obama.
The U.S. and five other nations — China, Germany, Russia and the European Union — had all entered into the deal that lifted economic sanctions on Iran in exchange for the Middle East country’s agreement to downsize its nuclear arsenal. As a result of Donald Trump’s decision to exit the agreement, crude exports from Iran are expected to decrease and contribute to an already-declining supply of crude oil, analysts predicted.
As per the analysts, increased crude prices will likely to push gas prices even higher this summer – a peak time of vacation travel — to the dreaded $3-per-gallon national average.
Given that confluence of global factors, there is actually a little which the average consumer can do to protect themselves from higher gas prices as these are forces beyond their control.
The one step cost-conscious consumers can take help of GasBuddy.com can take is to get the periodically check for the region’s lowest gas prices.