Texas gas prices up sharply on oil, ethanol costs - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Texas gas prices up sharply on oil, ethanol costs

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IRVING, Texas (AP) — The price for gasoline in Texas has jumped sharply, increasing by 13 cents on what analysts say is pressure from oil prices and a drought-driven boost in the cost of ethanol.

The weekly AAA Texas survey released Thursday said Texans were paying $3.49 on average for a gallon of regular unleaded. The national average is also up sharply to $3.66 per gallon.

Analysts for AAA Texas say global crude oil prices are on the rise, as are the costs for domestic ethanol because of severe drought in the Midwest.

The Dallas-Fort Worth area has the most expensive gas in Texas at $3.52, while the least expensive is in El Paso at $3.21.

Analysts are still predicting that gas prices could drop when the summer driving season ends next month.