The average cost of a gallon of regular gas in the Houston area is hovering around $3.40, per AAA.
What's happening: Gas prices have ticked up in recent weeks due to excessive heat in Gulf states like Texas and Louisiana, where many of the country's oil refineries are, Axios' Alex Fitzpatrick and Kavya Beheraj report.
Yes, but: Houston's gas prices are still down 2.4% from last August, per GasBuddy.
The big picture: Nationwide, average gas prices are up a bit from winter months — as expected based on historical patterns — but lower than last year's highs of nearly $5.
How it works: Several factors can drive variations in gas prices, including a state's taxes and its proximity to refineries.
What we're watching: Hot weather drives up gas prices because refineries don't function as efficiently in temperatures above 100°.
- Plus, Saudi Arabia's extension of its oil production cut threatens to drive up energy prices.
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