AAA: Gas prices in Tyler break record
Published 5:45 am Monday, May 9, 2022
- A customer pumps gas in Tyler in April.
Gas prices in Tyler have surpassed the highest recorded average after initially breaking the record Sunday before it went even higher Monday, according to AAA.
Prices on Sunday for unleaded gas at stations in Tyler averaged $3.979, the highest recorded average in Tyler. Diesel prices in the city broke a record too, hitting $5.180 Sunday. By Monday, that record was topped again as regular unleaded prices in Tyler moved up closer to $4, at $3.997. Diesel fuel was averaging $5.191 on Monday.
Tyler’s prices for unleaded gas are nearly 20 cents higher than they were a week ago, nearly 30 cents higher than a month ago and $1.28 higher than a year ago, AAA reports.
The highest recorded average statewide was $4.01 on March 11, according to AAA data.
“Increasing gas demand and rising oil prices have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $105 per barrel,” AAA said.
Drivers are paying more at the pump, as the cost of gasoline moves steadily higher. In the past two weeks, the national average for a gallon of gasoline has risen 20 cents to $4.32, a penny less than the record high set on March 11. The increase is primarily due to the high cost of crude oil, which was hovering near $100 a barrel last week and is now closing in on $110, according to a Monday news release from AAA.
“With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline,” said Andrew Gross, AAA spokesperson. “These prices are creeping closer to those record high levels of early March.”
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2.2 million bbl to 228.6 million bbl last week. However, gasoline demand increased slightly from 8.74 million b/d to 8.86 million b/d. Increasing gas demand and rising oil prices have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $105 per barrel.
Meanwhile, Monday’s national average for a gallon of gas was $4.32, which is 20 cents more than a month ago, and $1.36 more than a year ago.