Average price of gasoline up 14 cents a gallon in Beaumont

 The average price for a gallon of gasoline has increased 14 cents in Beaumont during the past week, according to the latest price survey from AAA Texas.

  The average for one gallon of unleaded gasoline in Beaumont is $2.49, up from $2.35 last week.  The average was $2.80 a gallon at this time last year.  The record high is $4 a gallon on July 16, 2008. 

(IRVING, TEXAS) - AAA Texas - Gasoline prices in Texas increased by 14 cents last week, the biggest jump since May of 2008, when consumers saw an increase of 18 cents during a period of 12 days, according to the AAA Texas Weekend Gas Watch. 

The  statewide average price of a gallon of unleaded regular is now $2.47 and only 20 cents higher than this time last year, when prices were plummeting and the statewide average was $2.67. Nationally, prices jumped 13 cents from $2.49 to $2.62.  Prices in Texas have gone up nearly 20 cents in the last two weeks.

Every city in Texas saw a double-digit price increase during the last week. Houston and Galveston had the lowest price for gasoline at $2.43, up 17 cents in Galveston and 16 cents in Houston. El Paso continues to have the most expensive gasoline at $2.51, up ten cents in the last week.

What’s moving the markets so dramatically?

• As recently as eleven days ago oil prices on the New York Mercantile Exchange were trading at $68.85 dollars a barrel. Today oil is trading in the $80.00 a barrel range.
• Energy experts say many traders that purchase oil are buying and storing petroleum products in anticipation that the U.S. economy is now poised to make a recovery in the first quarter of 2010.
• A larger than expected number of U.S. refineries are off-line undergoing regular fall maintenance and demand for gasoline, which typically drops after Labor Day has actually picked up.  The U.S. Department of Energy reports consumption of gasoline outpaced production by 316 million gallons in the last two weeks.

“Two weeks ago, a typical 14-gallon fill-up cost about $32 a tank on Texas. Today that same tank of gas is $34.58 - a difference of $2.58 or about what it costs for a gallon of gas," said AAA Texas Corporate Communications Manager Dan Ronan. "The other trend line to watch is where gasoline prices are today compared to a year ago. The difference, which had been as high as 75 cents a month ago, is now just 20 cents and falling rapidly." 

IRVING, TEXAS) ---- Gasoline prices in Texas increased by 14 cents last week, the biggest jump since May of 2008, when consumers saw an increase of 18 cents during a period of 12 days, according to the AAA Texas Weekend Gas Watch. 

The  statewide average price of a gallon of unleaded regular is now $2.47 and only 20 cents higher than this time last year, when prices were plummeting and the statewide average was $2.67. Nationally, prices jumped 13 cents from $2.49 to $2.62.  Prices in Texas have gone up nearly 20 cents in the last two weeks.

Every city in Texas saw a double-digit price increase during the last week. Houston and Galveston had the lowest price for gasoline at $2.43, up 17 cents in Galveston and 16 cents in Houston. El Paso continues to have the most expensive gasoline at $2.51, up ten cents in the last week.

What’s moving the markets so dramatically?

• As recently as eleven days ago oil prices on the New York Mercantile Exchange were trading at $68.85 dollars a barrel. Today oil is trading in the $80.00 a barrel range.
• Energy experts say many traders that purchase oil are buying and storing petroleum products in anticipation that the U.S. economy is now poised to make a recovery in the first quarter of 2010.
• A larger than expected number of U.S. refineries are off-line undergoing regular fall maintenance and demand for gasoline, which typically drops after Labor Day has actually picked up.  The U.S. Department of Energy reports consumption of gasoline outpaced production by 316 million gallons in the last two weeks.

“Two weeks ago, a typical 14-gallon fill-up cost about $32 a tank on Texas. Today that same tank of gas is $34.58 - a difference of $2.58 or about what it costs for a gallon of gas," said AAA Texas Corporate Communications Manager Dan Ronan. "The other trend line to watch is where gasoline prices are today compared to a year ago. The difference, which had been as high as 75 cents a month ago, is now just 20 cents and falling rapidly."