Motorists may see downward direction in gas prices

Published 11:00 am Monday, October 5, 2020

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With oil tanking last week, there’s a possibility motorists may see a renewed downward direction in average prices in the days or weeks ahead, according to Patrick De Haan.

The head of petroleum analysis for GasBuddy said data suggests gasoline demand inexplicably rose last week to the highest level since August, breaking with conventional wisdom that fall demand is typically weak.

Texas gas prices have fallen 1.3 cents per gallon in the past week, averaging $1.85/g today, according to GasBuddy’s daily survey of 13,114 stations.

Gas prices in Texas are 4.4 cents per gallon lower than a month ago and stand 47.4 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Texas is priced at $1.19/g today while the most expensive is $2.69/g, a difference of $1.50/g.

The lowest price in the state today is $1.19/g while the highest is $2.69/g, a difference of $1.50/g.

“While we have no direct reasoning for the rebound, five of seven days last week saw much above the prior week’s gasoline demand, in fact, Friday saw the highest gasoline demand since Labor Day,” De Haan said. “If demand continues to somehow defy such conventional trends, we may see an end to the possibility of future declines.”

The national average price of gasoline has fallen 0.7 cents per gallon in the last week, averaging $2.17/g today.

The national average is down 4.3 cents per gallon from a month ago and stands 49.0 cents per gallon lower than a year ago.

Historical gasoline prices in Texas and the national average going back ten years:
October 5, 2019: $2.33/g (U.S. Average: $2.66/g)
October 5, 2018: $2.67/g (U.S. Average: $2.91/g)
October 5, 2017: $2.38/g (U.S. Average: $2.50/g)
October 5, 2016: $1.99/g (U.S. Average: $2.25/g)
October 5, 2015: $2.04/g (U.S. Average: $2.29/g)
October 5, 2014: $3.12/g (U.S. Average: $3.29/g)
October 5, 2013: $3.11/g (U.S. Average: $3.34/g)
October 5, 2012: $3.52/g (U.S. Average: $3.79/g)
October 5, 2011: $3.21/g (U.S. Average: $3.39/g)
October 5, 2010: $2.59/g (U.S. Average: $2.72/g)

Neighboring areas and their current gas prices:
• Midland Odessa – $2.00/g, up 10.7 cents per gallon from last week’s $1.89/g.
• San Antonio – $1.73/g, down 2.3 cents per gallon from last week’s $1.76/g.
• Austin – $1.80/g, down 2.8 cents per gallon from last week’s $1.83/g.