TEXARKANA -- Local gasoline prices rose by about 15 cents per gallon over the week ending Friday, and analysts say the upward trend could continue.
The average regular gasoline price increased by $0.153 per gallon -- from $2.891 to $3.044 -- in Texarkana, Arkansas, according to AAA. The Texas-side average rose by $0.149, from $2.835 to $2.974.
On Friday, price-tracking app Gas Buddy showed the lowest local price as $2.65 per gallon and the highest as $3.19.
"Tighter supply and higher gasoline demand are pushing pump prices higher. As demand remains robust and stocks remain tight, drivers could continue to see pump prices increase as the new year begins," AAA reported Thursday.
In the week ending Monday, the national average rose by $0.132, from $3.091 to $3.223, according to the U.S. Energy Information Administration. Arkansas was among the 10 states with the largest average price increases over the week ending Thursday, at 18 cents, AAA said.
The EIA's Gulf Coast region -- comprising New Mexico, Texas, Arkansas, Louisiana, Mississippi and Alabama -- was the U.S. region with the lowest average price as of Monday, at $2.89.
Overall, U.S. gas prices were lower at the end of 2022 than at the beginning of the year, despite a summer spike, according to EIA.
"Rising crude oil prices and increased gasoline demand early in 2022 contributed to rising U.S. retail gasoline prices in the summer, but gasoline prices ended 2022 lower than at the start of the year because of more refinery production and less demand during the second half of the year," EIA reported Thursday.