2018 kicks off with highest national gas prices since 2014

The statewide gas price average in Texas is now $2.24 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is three cents more than last week and is eight cents more per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $2.50, while drivers in San Antonio are paying the least at $2.17 per gallon.

The national average price for a gallon of regular unleaded is $2.49, which is three cents more than this day just a week ago and 13 cents more than the price per gallon at this time last year.

At $2.49, the national gas price average is the most expensive seen at the start of a new year since 2014, when gas prices were more than $3/gallon. High travel volumes over the holidays drove gas prices up. At the start of 2018, motorists in the Northeast, South and the upper Midwest are seeing pump prices as much as 13 cents more expensive than one week ago.

Almost every metropolitan area surveyed across Texas saw gas price averages increase compared to last week. The Sherman-Denison area saw the largest increase on the week, with regular unleaded prices going up by an average of seven cents per gallon. The only metropolitan area surveyed in Texas to see a decrease was the El Paso area, where the average price dropped two cents per gallon. Midland, Odessa, Laredo and Victoria saw no change from last week.

“Now that the holidays are behind us, market analysts anticipate demand for retail gasoline to drop in the coming days which could send prices down this month,” AAA Texas/AAA New Mexico Senior Public Affairs specialist Daniel Armbruster said. “Drivers looking to save on fuel costs in the new year may consider purchasing a more fuel-efficient vehicle.”

Gas prices in the South and Southeast remain among the cheapest in the country even with pump prices jumping in every state on the week except New Mexico (-1 cent).

If you're hitting the road and looking for the cheapest gas, the free AAA app features real-time gas price tracking and other resources for motorists.

© 2018 KENS-TV


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