El Paso Gas Hits $4.34 After 37 Cent Weekly Spike
El Paso regular gasoline prices surged 37 cents in seven days, setting a new local average that now exceeds the national standard.
The average price for a gallon of regular unleaded in El Paso is $4.34. This figure is up 37 cents from $3.98 just one week ago. The city’s average now sits slightly above the U.S. average of $4.33.
El Paso drivers face costs 49 cents higher than the Texas statewide average of $3.86. Some local stations report even higher per-gallon prices. This rapid increase places significant strain on household budgets.
Crude Oil Drives Local Prices
Tom Fullerton, a UTEP economics professor, links the spike to West Texas Intermediate crude. He states that a $1 rise in WTI increases local gas prices by 3 cents. WTI is currently trading around $105 per barrel.
Fullerton notes that strong economic growth is keeping demand high. Supply disruptions related to the conflict in Iran also contribute to pressure. He expects El Paso gas to remain above $4 per gallon for the near term.
Diesel Reaches Historic High
Diesel prices in El Paso hit a record high on Tuesday. The average cost reached $6.11 per gallon. This level is significantly higher than the record for regular unleaded.
Fullerton warns that these high diesel costs affect business operating margins. Commercial operators and logistics firms face increased expenses. Consumer goods prices may also rise as a result.
Drivers Adjust Travel Habits
Locals report cutting back on non-essential driving. One student now takes the bus three days a week. Another driver fills up every two days to manage costs. Many feel they have limited options to reduce spending.
Data from GN auto markets/energy: crude oil prices indicates a sustained upward trend. The combination of high demand and geopolitical risk suggests no immediate relief. El Paso remains one of the most expensive fuel markets in the region.
