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Gas prices continues to drop as oil demand remains constrained

The national average continues to fall as every state has seen another decline in average gas prices over the last week as overall oil demand remains constrained due to COVID-19.

Patrick DeHaan, head of petroleum analysis for GasBuddy, said the decline has been most significant thus far in the Great Lakes, due to the region being landlocked and challenging to ship gasoline out of, prices have been depressed significantly, driving these states to some of the lowest prices in the country.

Texas gas prices have fallen 5.1 cents per gallon in the past week, averaging $1.69/g today, according to GasBuddy’s daily survey of 13,114 stations.

Gas prices in Texas are 40.2 cents per gallon lower than a month ago and stand 78.7 cents per gallon lower than a year ago.

Keep an eye on this week’s potential meeting between major oil producers Russia and Saudi Arabia, however. On hopes of a production cut, oil rallied nearly $7 per barrel last week, but Tuesday’s meeting was postponed.

“If there is an oil production cut, it may establish a floor to oil prices, but motorists need not worry — if there is a cut, it is highly unlikely to cause a surge in gas prices, as retail prices have not come close to matching the declines in wholesale prices to this point.”

According to GasBuddy price reports, the cheapest station in Texas is priced at $0.99/g today while the most expensive is $2.59/g, a difference of $1.60/g.

The lowest price in the state today is 99 cents while the highest is $2.59/g, a difference of $1.60/g.

The national average price of gasoline has fallen 5.7 cents per gallon in the last week, averaging $1.91/g today.

The national average is down 48 cents per gallon from a month ago and stands 84.3 cents per gallon lower than a year ago.

Historical gasoline prices in Texas and the national average going back ten years:

April 6, 2019: $2.48/g (U.S. Average: $2.75/g)
April 6, 2018: $2.41/g (U.S. Average: $2.66/g)
April 6, 2017: $2.19/g (U.S. Average: $2.39/g)
April 6, 2016: $1.87/g (U.S. Average: $2.05/g)
April 6, 2015: $2.20/g (U.S. Average: $2.39/g)
April 6, 2014: $3.38/g (U.S. Average: $3.58/g)
April 6, 2013: $3.48/g (U.S. Average: $3.61/g)
April 6, 2012: $3.84/g (U.S. Average: $3.93/g)
April 6, 2011: $3.63/g (U.S. Average: $3.71/g)
April 6, 2010: $2.72/g (U.S. Average: $2.81/g)