WICHITA FALLS, Texas (TNN) -The gas prices in Wichita Falls are averaging around $2.62 on Thursday but AAA reports Texas gas price averages are the highest they’ve been in nearly two years.
The continued rise is for a few reasons. One is reportedly due to the decision by OPEC and affiliates to continue production cuts through April.
AAA said, “Crude oil prices keep climbing due to the surprise decision by The Organization of the Petroleum Exporting Countries and its allies (OPEC+) to essentially keep current production cuts in place through April. This, coupled with market optimism of the impact the stimulus package could have on the economy, has led to higher prices at the pump. The last time the statewide average was at this price was around Memorial Day 2019.”
Another reason is the recent winter storm that blasted Texas, impacting travel, energy and production. Gas Buddy reports inventories decreased by 11.9 million, a 6% decrease since last year.
Retail fuel prices average from $2.50 to $2.63 in Texas, the lowest averages in the U.S, according to reports.
However, Texas is ranked a top 30 biggest mover in pricing with an 0.008 state change from Wednesday, narrowly missing being the most changed in fuel pricing across the nation.