Gasoline prices in the Austin area have risen 2.5 cents per gallon in the past week, averaging $2.60 per gallon on Monday, Oct. 1, according to GasBuddy's daily survey of 830 stations in Austin. This compares with the national average that has increased 1.5 cents per gallon versus last week to $2.87 per gallon, according to GasBuddy.
Average gasoline prices on Oct. 1 in Austin have ranged widely over the last five years, from a low of $1.97 in 2016 to a high of $3.19 in 2013.
Including the change locally during the past week, prices yesterday were 14.5 cents per gallon higher than a year ago and are 2.2 cents per gallon higher than a month ago. The national average has increased 3.5 cents per gallon during the last month and stands 33.4 cents per gallon higher than a year ago.
Areas near Austin and their current gas price climate:
San Antonio- $2.53/g, up 2.3 cents per gallon from last week's $2.51/g.
Waco- $2.58/g, up 5.2 cents per gallon from last week's $2.53/g.
College Station- $2.59/g, up 1.6 cents per gallon from last week's $2.57/g.
"Overarching concern over tightening global oil supplies, in advance of U.S. trade sanctions on Iran, have helped WTI rise $2.47 a barrel in just the past week, while Brent crude oil picked up nearly $4 in value to achieve thresholds not seen since November, 2014," said Patrick DeHaan, senior petroleum analyst for GasBuddy.com.
"Looking ahead, the squeeze in global supplies will almost certainly put gasoline prices under pressure and provide a strong basis for further increases at the pumps at a time when drivers are accustomed to seeing prices soften," DeHaan added. "Short of producing countries suddenly finding a million spare barrels of oil over the month of October, drivers should brace for even higher prices over the next several weeks."