Houston-area gas prices remain on an upward trend this week, a trend that began just after Christmas, 2011. As of January 26, 2012, Houston's pump price for self-serve regular gasoline has climbed to $3.26 per gallon, even though crude oil prices have fallen slightly in the past week. Prices have increased some five cents per gallon since one week ago.
Current pump prices represent a 36-cent increase over the same date in 2011, though they are still substantially lower than the all-time high average price ($3.94/gallon in mid-summer, 2008) and are still well below the highest prices recorded in 2011, $3.90/gallon just before Memorial Day.
This morning's price for benchmark West Texas Intermediate crude stands at $100.97 per barrel, off some fifty-eight cents in the past week. North Sea Brent crude is still significantly higher, at $111.38 per barrel. Continued uncertainty in world oil markets has raised prices in recent weeks. Upward price pressure has been caused by the European Union's decision to embargo Iranian crude and Iran's counterthreat to close the Straits of Hormuz. This has offset weak prices resulting from international economic woes.
According to GasBuddy.com, the highest average prices in the Houston area on the east side of Galveston Bay in south Chambers County, with the lowest prices found in Brazoria County. The spread in average prices is, however, only about six cents.
Texas-wide, the average price per gallon is $3.25. The state's least expensive gas can be found in Amarilllo ($3.03/gallon) and El Paso (3.07). You'll pay the most in Midland-Odessa ($3.28) and Dallas-Fort Worth ($3.27). Nationwide, gasoline prices range from a low of can be bought in $2.92 in Fort Collins, CO, to $3.93 in Honolulu. Gas prices in the mid-continent (OK, KS, and parts of CO, NM, and UT) remain low as an oversupply of crude oil from Canada and the Bakken Shale in North Dakota has swollen refined liquid reserves in the area.
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