Oil prices sag over last week; Texas drivers may see pump price impacts
With oil prices finally sagging over the last week on inflation fears and worries about a surge in COVID-19 cases in Europe impacting oil demand, motorists filling their tanks may soon see a brief respite from rising gas prices.
Patrick De Haan, head of petroleum analysis for GasBuddy, said while gasoline demand last week rose to its highest level since the pandemic began, “concerns that oil demand growth will stall with COVID-19 cases surging in Europe are eroding oil’s recent rise.”
Texas gas prices have risen 1.7 cents per gallon in the past week, averaging $2.64/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.
Gas prices in Texas are 31.4 cents per gallon higher than a month ago and stand 77.5 cents per gallon higher than a year ago.
“While gas prices still rose in a majority of states last week, we may see some price decreases in the week or weeks ahead, even as U.S. gasoline demand continues to rally to the highest level since the pandemic started nearly a year ago,” De Haan said.
“It’ll be a bumpy road the next few weeks as markets sort out the bearish and bullish factors, but I still believe prices will likely experience more upward momentum ahead of Memorial Day.”
According to GasBuddy price reports, the cheapest station in Texas is priced at $2.32/g today while the most expensive is $3.49/g, a difference of $1.17/g.
The lowest price in the state today is $2.32/g while the highest is $3.49/g, a difference of $1.17/g.
The national average price of gasoline has fallen 0.3 cents per gallon in the last week, averaging $2.86/g today.
The national average is up 22.2 cents per gallon from a month ago and stands 78.2 cents per gallon higher than a year ago.
Historical gasoline prices in Texas and the national average going back ten years:
March 22, 2020: $1.87/g (U.S. Average: $2.08/g)
March 22, 2019: $2.39/g (U.S. Average: $2.62/g)
March 22, 2018: $2.35/g (U.S. Average: $2.59/g)
March 22, 2017: $2.10/g (U.S. Average: $2.29/g)
March 22, 2016: $1.82/g (U.S. Average: $1.98/g)
March 22, 2015: $2.22/g (U.S. Average: $2.43/g)
March 22, 2014: $3.34/g (U.S. Average: $3.52/g)
March 22, 2013: $3.55/g (U.S. Average: $3.69/g)
March 22, 2012: $3.76/g (U.S. Average: $3.89/g)
Neighboring areas and their current gas prices:
- Midland Odessa – $2.89/g, up 3.0 cents per gallon from last week’s $2.86/g.
- San Antonio – $2.52/g, down 0.3 cents per gallon from last week’s $2.52/g.
- Austin – $2.56/g, unchanged from last week’s $2.56/g.