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Texas pumps impacted; “challenging to know where prices will go in the weeks ahead”

The pace of gas price increases has begun to throttle back over the last week in most states as gasoline demand’s recovery has slowed, which is keeping prices from matching their rapid pace from just a couple weeks ago.

Patrick De Haan, head of petroleum analysis for GasBuddy, said prices would continue to move in lock-step with the coronavirus situation, so it remains challenging to know where prices will go in the weeks ahead.

Texas gas prices have risen 1 cent per gallon in the past week, averaging $1.64/g today, according to GasBuddy’s daily survey of 13,114 stations.

Gas prices in Texas are 12.1 cents per gallon higher than a month ago and stand 85.2 cents per gallon lower than a year ago.

“Oil prices saw another weekly rise, closing last week at over $35 per barrel due to a collision between oil production cuts and gasoline demand in the U.S. which has been on the mend, leading oil’s rally,” De Haan said.

“The recovery in gas prices is likely to continue, though at a slower pace than what we’ve seen, with $2 per gallon likely coming in the next week or two.”

According to GasBuddy price reports, the cheapest station in Texas is priced at $1.29/g today while the most expensive is $2.25/g, a difference of 96.0 cents per gallon.

The lowest price in the state today is $1.29/g while the highest is $2.25/g, a difference of 96.0 cents per gallon.

The national average price of gasoline has risen .7 cents per gallon in the last week, averaging $1.97/g today.

The national average is up 20.0 cents per gallon from a month ago and stands 84.5 cents per gallon lower than a year ago.

Historical gasoline prices in Texas and the national average going back ten years:
June 1, 2019: $2.49/g (U.S. Average: $2.81/g)
June 1, 2018: $2.74/g (U.S. Average: $2.96/g)
June 1, 2017: $2.18/g (U.S. Average: $2.38/g)
June 1, 2016: $2.10/g (U.S. Average: $2.32/g)
June 1, 2015: $2.50/g (U.S. Average: $2.75/g)
June 1, 2014: $3.46/g (U.S. Average: $3.68/g)
June 1, 2013: $3.38/g (U.S. Average: $3.60/g)
June 1, 2012: $3.42/g (U.S. Average: $3.61/g)
June 1, 2011: $3.63/g (U.S. Average: $3.77/g)
June 1, 2010: $2.62/g (U.S. Average: $2.69/g)

Neighboring areas and their current gas prices:
• Midland Odessa – $1.71/g, up 1.7 cents per gallon from last week’s $1.70/g.
• San Antonio – $1.56/g, down 0.4 cents per gallon from last week’s $1.57/g.
• Austin – $1.60/g, unchanged  from last week’s $1.60/g.

 

 

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