Texas gas prices up slightly amid tension between US, Iran


HOUSTON – Gas prices in Texas are up slightly this week as investors closely watch tension between the U.S. and Iran.

According to AAA Texas, the statewide average price for a gallon of gas Thursday was $2.30. That’s up a penny from last week and up 38 cents from last year. The nationwide average price for a gallon of gas is $2.60, which is up a cent from last week and 38 cents from last year.

Crude oil prices have dropped after a brief spike Wednesday following a missile attack by Iran on U.S. forces in Iraq. The attack was in retaliation to a U.S. drone strike that killed a top Iranian general.

AAA Texas said that crude oil prices contribute to about 60% of retail gas prices, but Wednesday’s spike hasn’t made it to the pump just yet.

“While tensions between the U.S. and Iran have the potential to cause an increase in crude oil prices and eventually retail gas prices, so far that has not happened,” said AAA Texas spokesperson Daniel Armbruster. “Regional gasoline stocks are healthy and as of Thursday, crude oil prices remain stable. If this trend continues, drivers will likely only see minimal impact due to the conflict.”

According to AAA, regional refinery use is at 97% and that could translate to a decrease in prices at the pump.

About the Author: