Houston retail gasoline prices hit an all-time high today as the cost of $100 oil finally trickled down from the pipeline to the pump.
The average price for regular unleaded gasoline in the Houston area is $3.045 per gallon, according to data compiled by AAA, beating the $3.042 hit last May 23.
San Antonio set its own record yesterday, at $3.007 per gallon, but dropped slightly today to $3.005, while Dallas’ price today of $3.040 per gallon is short of its record from last year of $3.062.
Nationwide the average price was $3.142 per gallon, still short of the record $3.22 set last May.
The record isn’t due to supply shortfalls — U.S. gasoline inventories are the largest in 14 years.
Rather they reflect high oil prices, which account for about half of price of a gallon of gasoline, matriculating through the supply chain.