Gasoline prices continue their upward spiral

HOUSTON (AP) Texas retail gasoline prices continued to skyrocket this week, according to a weekly survey.

The AAA Texas gasoline price survey released Friday found that regular self-serve gasoline prices average $2.83 per gallon statewide, 10 cents more than last week and 71 cents more than last year.

Dallas prices remained the state's highest at $2.90 cents per gallon, 9 cents more than last week, while San Antonio had the cheapest gas at $2.76 per gallon, 11 cents more than last week, the survey found.

The national average price was $2.83 per gallon, 11 cents more than last week.

Auto club spokesman Paul Gonzales says the price spike is fueled by speculator concerns over a recent decline in the nation's gasoline inventories.

"Some refineries are switching to a formula of gas that requires ethanol, instead of MTBE, and there have been spot shortages of ethanol," he said. "Within 3-4 weeks, (up to) 1 million additional barrels of gasoline per day will enter the nation's supply stream."