How is boost in U.S. demand impacting Texas gas prices?
The boost in demand has led oil and gasoline prices to rally, and as long as states continue to loosen restrictions, it’ll mean more motorists on the roads and filling their tanks, according to industry analysts.
Patrick DeHaan, head of petroleum analysis for GasBuddy, said most states saw prices rise last week, but Great Lakes states saw the most pain as retail gasoline prices fall back into their normal territory against the national average.
In Texas, gas prices have risen 1.1 cents per gallon in the past week, averaging $1.52/g today, according to GasBuddy’s daily survey of 13,114 stations.
“For now, the continued recovery in gas prices will nearly completely depend on improvement in the coronavirus situation, as so long as refineries boost production again as demand continues to rise again,” DeHaan said.
Gas prices in Texas are 11.1 cents per gallon lower than a month ago and stand 104.5 cents per gallon lower than a year ago.
According to GasBuddy price reports, the cheapest station in Texas is priced at $1.11/g today while the most expensive is $2.59/g, a difference of $1.48/g.
The lowest price in the state today is $1.11/g while the highest is $2.59/g, a difference of $1.48/g.
The national average price of gasoline has risen 6.4 cents per gallon in the last week, averaging $1.83/g today.
The national average is down 1.1 cents per gallon from a month ago and stands 102.8 cents per gallon lower than a year ago.
Historical gasoline prices in Texas and the national average going back ten years:
May 11, 2019: $2.56/g (U.S. Average: $2.86/g)
May 11, 2018: $2.62/g (U.S. Average: $2.86/g)
May 11, 2017: $2.16/g (U.S. Average: $2.34/g)
May 11, 2016: $1.98/g (U.S. Average: $2.20/g)
May 11, 2015: $2.46/g (U.S. Average: $2.66/g)
May 11, 2014: $3.42/g (U.S. Average: $3.66/g)
May 11, 2013: $3.39/g (U.S. Average: $3.57/g)
May 11, 2012: $3.60/g (U.S. Average: $3.73/g)
May 11, 2011: $3.86/g (U.S. Average: $3.97/g)
May 11, 2010: $2.79/g (U.S. Average: $2.88/g)
Neighboring areas and their current gas prices:
• Midland Odessa – $1.67/g, up 2.5 cents per gallon from last week’s $1.65/g.
• San Antonio – $1.41/g, unchanged from last week’s $1.41/g.
• Austin – $1.47/g, down 0.4 cents per gallon from last week’s $1.48/g.