Gas price spike may start to level off
Gas prices have jumped to yet another multi-month high as crude oil prices rise amidst perceived improvement in the COVID-19 pandemic, which continues to pump prices up as demand shows renewed signs of recovery.
Patrick DeHaan, head of petroleum analysis for GasBuddy, said with rumors swirling that President-elect Biden plans to cancel approval of the Keystone XL pipeline, which would cut off reliable Canadian oil to the U.S., oil prices may see additional pressure in the coming days.
Gasoline prices in Texas have risen 7.4 cents per gallon in the past week, averaging $2.09/g Sunday, according to GasBuddy’s daily survey of 13,114 stations in Texas.
This compares with the national average that has increased 4.2 cents per gallon versus last week to $2.38/g, according to GasBuddy.
“For now, the upward trend in gas prices may slow from the sharp rise in the last week, but motorists shouldn’t expect much of a break from rising gas prices, which now stand less than twenty cents from their year-ago levels,” DeHaan said.
Average gasoline prices on Jan. 18 in Texas have ranged widely over the last five years:
$2.24/g in 2020
$1.94/g in 2019
$2.28/g in 2018
$2.14/g in 2017
$1.67/g in 2016
Including the change locally during the past week, prices Sunday were 14.9 cents per gallon lower than a year ago and are 18.4 cents per gallon higher than a month ago.
The national average has increased 15.6 cents per gallon during the last month and stands 17.4 cents per gallon lower than a year ago.
Areas near Texas and their current gas price climate:
- Midland Odessa – $2.27/g, up 5.1 cents per gallon from last week’s $2.22/g.
• San Antonio – $1.99/g, up 7.6 cents per gallon from last week’s $1.92/g.
• Austin – $2.04/g, up 5.4 cents per gallon from last week’s $1.99/g.