If you stopped by a Houston gas station this morning to fill your tank, you probably groaned at the prices posted on the street signs. Yes, everyone, Houston-area gas prices have continued the upward trend they've followed since just after Christmas, 2011. As of January 18, 2012, Houston's average price for self-serve regular gasoline stands at $3.21 per gallon (see price report for January 26, 2012, here).
The recent rise in gasoline prices can, at least in part, be traced to a rise in crude oil prices. This morning's crude oil benchmark stands at $101.55 per barrel, up about six percent since late December. Most analysts blame saber-rattling by Iran, which has threatened to close the Straits of Hormuz, for "nervousness" in crude oil markets. Anyone who's listened to the Republican debates knows that "nervousness" makes bad things happen.
According to GasBuddy.com, the highest average prices in the Houston area can be found on the east side of Galveston Bay in southern Chambers County, with the lowest prices found in Brazoria County. The overall spread in average prices is, however, only about six cents.
Texas-wide, the average price per gallon is $3.22 (self-serve regular). Prices are lower that Houston in El Paso ($3.01), Lubbock ($3.08), the Valley area and Corpus Christi ($3.18), and San Antonio ($3.20). Austin ($3.22), College Station and Dallas ($3.24), Fort Worth ($3.25) and Midland-Odessa ($3.27) are more expensive than the Bayou City. Nationwide, the cheapest gasoline can be bought in Santa Fe, NM ($2.87); the most expensive gas is in Honolulu ($3.93). Apparently, gasoline is priceless in Nome.
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