Gas prices to fluctuate as holiday weekend approaches

Published: Aug. 31, 2023 at 3:13 PM CDT
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WICHITA FALLS, Texas (KAUZ) - Gas prices in Texas are fluctuating as the Labor Day weekend is approaching.

  • This Week: $3.33
  • Last Week: $3.38
  • Last Year: $3.39

While the statewide gas price average is down from a week ago, it has increased slightly over the last three days. AAA Texas said this suggests price fluctuations may remain possible through the holiday weekend.

There are two key factors that could cause gas prices to further increase in the days ahead: busy holiday travel and Hurricane Idalia.

It’s been a record summer for travel and there will be more pressure on demand for fuel this Labor Day. AAA Travel domestic bookings are four percent higher for the holiday over last year.

Hurricane Idalia caused three refineries to temporarily shut down along the Gulf Coast, which could potentially put upward pressure on fuel prices.

Typically following a hurricane, oil and gas operations can see brief spikes in pump prices. As the market settles and supply-demand rebalances, prices usually come down after a couple of weeks.

AAA Texas said while gas prices have increased slightly in the last few days, those who are traveling through the Labor Day weekend will see prices that are similar to prices in 2022.