Gas demand recovery may be limited in last quarter
Published 9:09 am Tuesday, August 11, 2020
Gas prices remain in very familiar territory for the sixth straight week as gasoline demand fell slightly last week, keeping oil prices confined as forces prevent it from falling under $39 but also from breaching $42 per barrel.
Patrick De Haan, head of petroleum analysis for GasBuddy, said as summer begins to fade, demand recovery may be limited.
“There’s a possibility we may see more downside potential in the last quarter of the year,” De Haan said.
Texas gas prices have fallen 2.2 cents per gallon in the past week, averaging $1.84/g today, according to GasBuddy’s daily survey of 13,114 stations.
Gas prices in Texas are 5.3 cents per gallon lower than a month ago and stand 55.6 cents per gallon lower than a year ago.
“Traditionally, gasoline demand weakens into the autumn, and as the coronavirus situation keeps more kids home and more parents from work, we may see a drop in gas prices as we progress through fall,” De Haan said.
“However, since no one can predict when we may rebound from the coronavirus situation, nothing long-term is set in stone, but we are on track for a seventh straight week of stable gas prices.”
According to GasBuddy price reports, the cheapest station in Texas is priced at $1.48/g today while the most expensive is $2.69/g, a difference of $1.21/g.
The lowest price in the state today is $1.48/g while the highest is $2.69/g, a difference of $1.21/g.
The national average price of gasoline has fallen 1.1 cents per gallon in the last week, averaging $2.16/g today.
The national average is down 3.5 cents per gallon from a month ago and stands 47.7 cents per gallon lower than a year ago.
Historical gasoline prices in Texas and the national average going back ten years:
August 10, 2019: $2.39/g (U.S. Average: $2.64/g)
August 10, 2018: $2.63/g (U.S. Average: $2.86/g)
August 10, 2017: $2.16/g (U.S. Average: $2.35/g)
August 10, 2016: $1.96/g (U.S. Average: $2.13/g)
August 10, 2015: $2.38/g (U.S. Average: $2.59/g)
August 10, 2014: $3.29/g (U.S. Average: $3.48/g)
August 10, 2013: $3.41/g (U.S. Average: $3.55/g)
August 10, 2012: $3.49/g (U.S. Average: $3.67/g)
August 10, 2011: $3.54/g (U.S. Average: $3.62/g)
August 10, 2010: $2.63/g (U.S. Average: $2.76/g)
Neighboring areas and their current gas prices:
• Midland Odessa – $1.97/g, down 2.4 cents per gallon from last week’s $2.00/g.
• San Antonio – $1.69/g, down 3.8 cents per gallon from last week’s $1.73/g.
• Austin – $1.80/g, down 2.7 cents per gallon from last week’s $1.83/g.