Gas price spike is impacting Texas motorists
The sudden spike in gas prices last week was brought on by a continued rise in the price of oil, which jumped last week to nearly $50 per barrel, the highest we’ve seen since March, when prices collapsed due to COVID-19.
Patrick De Haan, head of petroleum analysis for GasBuddy, said while last week’s gas price surge isn’t likely to repeat this week, it could be a sign of things to come in the year ahead.
Texas gas prices have risen 5.7 cents per gallon in the past week, averaging $1.90/g today, according to GasBuddy’s daily survey of 13,114 stations.
Gas prices in Texas are 11.5 cents per gallon higher than a month ago and stand 30.9 cents per gallon lower than a year ago.
“A weakening U.S. dollar and vaccine optimism continued to push oil higher last week, along with stock markets,” De Haan said.
According to GasBuddy price reports, the cheapest station in Texas is priced at $1.59/g today while the most expensive is $2.69/g, a difference of $1.10/g.
The lowest price in the state today is $1.59/g while the highest is $2.69/g, a difference of $1.10/g.
“While some are wrongly pointing to the coming shift in the White House as driving up prices, I can assure motorists that what we’re seeing has nothing to do with such a change and everything to do with market optimism that demand will rise, and the weaker dollar which makes oil cheaper to anyone holding non-dollar currencies, putting upward pressure on demand,” De Haan said.
The national average price of gasoline has risen 4.8 cents per gallon in the last week, averaging $2.21/g today.
The national average is up 9.8 cents per gallon from a month ago and stands 34.5 cents per gallon lower than a year ago.
Historical gasoline prices in Texas and the national average going back ten years:
December 21, 2019: $2.21/g (U.S. Average: $2.55/g)
December 21, 2018: $2.00/g (U.S. Average: $2.34/g)
December 21, 2017: $2.17/g (U.S. Average: $2.44/g)
December 21, 2016: $2.05/g (U.S. Average: $2.26/g)
December 21, 2015: $1.79/g (U.S. Average: $1.99/g)
December 21, 2014: $2.15/g (U.S. Average: $2.39/g)
December 21, 2013: $3.02/g (U.S. Average: $3.23/g)
December 21, 2012: $3.03/g (U.S. Average: $3.23/g)
December 21, 2011: $3.04/g (U.S. Average: $3.20/g)
December 21, 2010: $2.82/g (U.S. Average: $2.97/g)
Neighboring areas and their current gas prices:
- Midland Odessa – $2.07/g, up 8.2 cents per gallon from last week’s $1.99/g.
• San Antonio – $1.87/g, up 13.1 cents per gallon from last week’s $1.74/g.
• Austin – $1.90/g, up 10.4 cents per gallon from last week’s $1.79/g.