Average gasoline prices in Austin have risen 26.5 cents per gallon in the last week, averaging $2.79/g today, according to GasBuddy’s survey of 830 stations in Austin. Prices in Austin are 5.8 cents per gallon higher than a month ago and stand 3.9 cents per gallon lower than a year ago.
“For the first time in two months, the nation’s average price of gasoline rose sharply last week, as extremely cold weather led to many refinery issues, shutting down over a million barrels of refining capacity, pushing wholesale prices up,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition, China’s reopening plans gave markets inspiration that global oil demand will start to recover, as China’s nearly three year Covid-zero policies appear to be coming to an end. While the jump at the pump will likely be temporary as most refiners get back online after cold-weather related issues, some regions like the Rockies may see more price increases than others as cold-weather shutdowns hit the region fairly hard, with one refinery likely remaining down through the first quarter of 2023. Most areas have seen the bulk of the rise already hit, but should oil continue to rally, more increases could be on the way.”
The national average price of gasoline has risen 12.3 cents per gallon in the last week, averaging $3.17/g today.
