Cheap gas might not last much longer

And there’s no better place to be in Texas when it comes to gas prices than the Amarillo metro area, where a gallon of regular gas runs about $1.47. That same gallon of gas costs about 9 cents more in El Paso and 11 cents more in Dallas.

Analysts point to an oversupply of crude oil and competitive gas taxes in the state as reasons why Texas prices are on the lower end of the spectrum.

In a report released Thursday, that covers data for the week ending Feb. 12, the Energy Information Administration reported that the nationwide crude oil inventory was about 39 percent greater than it cheap jerseys was two years ago. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.1 million barrels from the previous week,” the report summary read.

Stabilizing crude oil prices in the face of still falling gas and diesel prices, Speer said, have led many Midwest refineries to scale back production in an effort to maintain profitability.

Amarillo gas prices are linked closely to the output of these refineries due to Amarillo’s location.

“These refinery production cuts have caused Midwest gasoline prices to start to move back up, and as we’ve seen very recently in the Amarillo market they are starting to follow that trend as well,” Speer said.

Speer also mentioned refineries undergoing earlier than usual maintenance and an upcoming switch to more expensive summer grade gasoline as factors in rising prices.

“As we get to where we predict peak prices to be in that May June timeframe don’t be surprised if prices get back to the $2 (per gallon) range,” Speer said.