Market forces battling for prices at the pump

Published 10:20 am Monday, October 12, 2020

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Average gasoline prices largely remain range-bound as the tug of war between market forces continues to keep prices confined near current levels.

Patrick De Haan, head of petroleum analysis for GasBuddy, said on one side, the coronavirus situation pulls prices down as year-to-date gasoline demand stands some 13 percent lower than last year, but on the positive side the possibility of economic stimulus could boost households ahead of the election if the two parties can manage to agree.

Texas gas prices have risen 0.7 cents per gallon in the past week, averaging $1.87/g today, according to GasBuddy’s daily survey of 13,114 stations.

Gas prices in Texas are 1.3 cents per gallon lower than a month ago and stand 42.3 cents per gallon lower than a year ago.

“For now, with little action on either issue, oil markets are seeing a good amount of speculation and seesawing, and that will continue until we have a clear answer on whether Washington will deliver more economic aid to hard hit Americans,” De Haan said.

According to GasBuddy price reports, the cheapest station in Texas is priced at $1.49/g today while the most expensive is $2.69/g, a difference of $1.20/g.

The lowest price in the state today is $1.49/g while the highest is $2.69/g, a difference of $1.20/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 1.8 cents per gallon from a month ago and stands 47.2 cents per gallon lower than a year ago.

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

October 12, 2019: $2.29/g (U.S. Average: $2.64/g)
October 12, 2018: $2.66/g (U.S. Average: $2.90/g)
October 12, 2017: $2.31/g (U.S. Average: $2.47/g)
October 12, 2016: $2.01/g (U.S. Average: $2.25/g)
October 12, 2015: $2.05/g (U.S. Average: $2.31/g)
October 12, 2014: $3.02/g (U.S. Average: $3.19/g)
October 12, 2013: $3.07/g (U.S. Average: $3.33/g)
October 12, 2012: $3.54/g (U.S. Average: $3.81/g)
October 12, 2011: $3.22/g (U.S. Average: $3.40/g)
October 12, 2010: $2.65/g (U.S. Average: $2.80/g)

Neighboring areas and their current gas prices:

  • Midland Odessa – $1.98/g, down 3.0 cents per gallon from last week’s $2.01/g.
    • San Antonio – $1.71/g, down 2.4 cents per gallon from last week’s $1.74/g.
    • Austin – $1.79/g, down 2.8 cents per gallon from last week’s $1.82/g.