Texas Gas Prices Up Sharply on Oil, Ethanol Costs

By: Associated Press
By: Associated Press

IRVING, Texas -- The price for gasoline in Texas has jumped sharply, increasing by 13 cents on what analysts say is pressure from oil prices and a drought-driven boost in the cost of ethanol.

The weekly AAA Texas survey released Thursday said Texans were paying $3.49 on average for a gallon of regular unleaded. The national average is also up sharply to $3.66.

Analysts for AAA Texas say global crude oil prices are on the rise, as are the costs for domestic ethanol because of severe drought in the Midwest.

The Dallas-Fort Worth area has the most expensive gas in Texas at $3.52, while the least expensive is in El Paso at $3.21.

Analysts are still predicting that gas prices could drop when the summer driving season ends next month.

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