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Gas prices up on oil, ethanol costs

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Posted: Friday, August 10, 2012 12:00 am | Updated: 9:23 am, Wed Aug 15, 2012.

IRVING -- The price for gasoline in Texas jumped sharply, increasing by 13 cents on what analysts said 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 also is up sharply to $3.66

Analysts for AAA Texas said 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.

-- The Associated Press

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