Gas prices are on the rise in the Rio Grande Valley and in a matter of a couple of days they have increased by 20 cents in some cities.
A gallon of regular unleaded gas on Friday was selling for $3.19 in Brownsville. On Wednesday, the price was $2.99. The Valero store in Central Boulevard and Wildrose was selling a gallon of unleaded gas for $3.21.
According to AAA-Texas, said the price increase is due to OPEC’s announcement Wednesday that it would be cutting oil production.
“Tight supplies, climbing demand and OPEC+’s announcement to cutback output by two million barrels per day are putting upward pressure on retail gas prices,” said AAA Texas spokesperson Daniel Armbruster, in a news release. “It’s too early to determine how strong of an impact the production cuts will have on pump prices. However, prices in Texas started increasing just hours ahead of the anticipated announcement and will likely continue to move upwards through the weekend.”
Oil producing countries announced Wednesday it would cut production to support sagging oil prices, The Associated Press reported.
Energy ministers said the decision was based on the “uncertainty that surrounds the global economic and oil market outlooks.”
According to AAA-Texas, the national gas price average had already been on the rise since mid-September due to a number of factors including refinery issues on the West Coast, a refinery fire in the Midwest and Hurricane Ian.
Although the gas prices may seem high to RGV drivers, the prices are higher in other parts of the state with drivers in Amarillo paying $3.38 and drivers in the Midland-Odessa paying about $3.34.
Drivers in Texas are paying the third lowest gas price average in the country, according to gasprices.aaa.com. Meanwhile drivers in California are paying the most at $6.42 on average for a gallon over regular unleaded.
According to GasBuddy, a gallon of unleaded gas was selling between $2.96 to $2.89 in Pharr. The prices were somewhat similar in Edinburg, but gas was selling as high as $3.09. In Harlingen most stations were selling gas for $2.99.
To find the lowest gas prices in your area, go to: www.Gasbuddy.com
