Austin gas prices jump 7.5 cents in one week and more increases could be on the way
Austin motorists saw gasoline prices jump over the past week, and more price increases could be on the way, industry experts say.
The average price of regular unleaded gasoline rose 7.5 cents in the past week to $2.91 per gallon, according to fuel industry tracking website GasBuddy.com. The current average price is 13 cents higher than a month ago and is 86.6 cents per gallon higher than the same week last year, according to GasBuddy, which conducts a daily survey of 830 gas stations in Austin.
For Texas as a whole, the average price per gallon is $2.93, about 3 cents higher than a week ago and 26 cents higher than the previous month, according to auto club AAA Texas.
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The current national average price is $3.31 per gallon, an increase of 1.3 cents per gallon in the past week, according to GasBuddy. The national average is 93.3 cents per gallon higher than the same week a year ago.
Those prices could be heading even higher in the coming months, said Patrick De Haan, head of petroleum analysis for GasBuddy.
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While calling recent demand for fuel "lackluster," De Haan said he expects "the real pain at the pump will start in about 4-6 weeks," as the weather warms up and spring break sends travelers heading out on vacation.
De Haan said higher oil prices are likely in the coming weeks "as oil production remains a concern due to unrest in Libya and Kazakhstan. However, some improvement in the latter situation could lead to oil prices being more subdued."
De Haan and some other industry experts have previously predicted that the national average price per gallon could top $4 by the summer.
Other Texas cities also have seen price jumps in the past week. San Antonio's current average of $2.86 per gallon is up 11 cents per gallon from last week, while Waco saw a 7.5-cent per gallon jump to $2.82, according to GasBuddy data.
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The rising gas prices come as Americans are paying more for goods and services of all kinds. The Department of Labor’s consumer price index in December rose 7% from a year ago, the biggest jump since June 1982. The consumer price index tracks prices on everything from clothing, grocery, apparel and utilities prices to cars, gasoline, rents and dining out.
Additional material from American-Statesman wire services.
This article originally appeared on Austin American-Statesman: As gas prices rise, more increases could be on the way for Austin
