Gas Prices in the Permian Basin Surpass $3 a Gallon
Summer driving is in full swing after most people have been cooped up for the past year, just in time for gas prices to go over $3.00 a gallon.
According to the Midland Reporter-Telegram, gas prices spiked last week and went up 8 cents to $3.05 in Midland, Odessa sits at $3.04, and El Paso is also at $3.04 making those three West Texas markets the highest gas prices in the state.
The average for the state went up 1 cent from last week to $2.81, to compare, the average two weeks ago was $2.75.
This is the highest level gas has been at since October 2014.
“Higher gasoline demand and more expensive crude oil have led to the price increase at the pump as a record number of Texans traveled by car over the Independence Day holiday weekend,” said AAA Texas in a press release. “Market analysts anticipate gas prices could keep going up by approximately 20 to 30 cents during the summer months. The average price for a gallon of regular unleaded on average in the Lone Star State has increased by nearly 45 percent since the start of the year due to increased demand and higher crude oil prices as more people are traveling for leisure and business.”
Back in the middle of the pandemic gas was at an average of $1.99 in Midland/Odessa, that was one year ago in July 2020.
Since January 1, 2021, the average price of gas is 96 cents higher locally, and the state average is up 87 cents.
Across West Texas, gas prices are a much lower average than in Midland/Odessa with Amarillo sitting at $2.72, Lubbock at $2.77, San Angelo at $2.80, and Abilene at $2.89.