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Texas gas prices fall week over week, see what that means going forward

The U.S. is entering its fourth straight week with the national average above the key $3 per gallon level.

While gas prices haven’t broken past the low $3s, they have also failed to decline much from their peak as demand for gasoline continues to push higher as the summer driving season is underway, said Patrick De Haan, head of petroleum analysis for GasBuddy.

Texas gas prices have fallen 1.1 cents per gallon in the past week, averaging $2.71/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.

Gas prices in Texas are 4.9 cents per gallon higher than a month ago and stand $1.02/g higher than a year ago.

“According to GasBuddy data, gasoline demand last week eclipsed the prior week, when millions of Americans were gearing up for Memorial Day travel, not an easy feat, but highlights that economic conditions are ripe for continued growth in demand, contributing to prices holding at high levels,” De Haan said.

According to GasBuddy price reports, the cheapest station in Texas is priced at $2.37/g today while the most expensive is $3.49/g, a difference of $1.12/g.

The lowest price in the state today is $2.37/g while the highest is $3.49/g, a difference of $1.12/g.

“As OPEC has maintained a slow but steady increase in oil production, that additional production is quickly being gobbled up by a global economy that continues to recover,” De Haan said.

“Our current gas prices likely won’t change much by July 4, but remain stubbornly high, barring any major curveballs to supply and demand.”
The national average price of gasoline has risen 0.6 cents per gallon in the last week, averaging $3.04/g today.

The national average is up 8.4 cents per gallon from a month ago and stands $1.02/g higher than a year ago.

Neighboring areas and their current gas prices:

Midland Odessa – $2.94/g, down 2.5 cents per gallon from last week’s $2.97/g.
San Antonio – $2.55/g, down 2.8 cents per gallon from last week’s $2.58/g.
Austin – $2.62/g, down 2.0 cents per gallon from last week’s $2.64/g.

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

June 7, 2020: $1.70/g (U.S. Average: $2.02/g)
June 7, 2019: $2.44/g (U.S. Average: $2.75/g)
June 7, 2018: $2.73/g (U.S. Average: $2.94/g)
June 7, 2017: $2.17/g (U.S. Average: $2.35/g)
June 7, 2016: $2.15/g (U.S. Average: $2.36/g)
June 7, 2015: $2.55/g (U.S. Average: $2.76/g)
June 7, 2014: $3.44/g (U.S. Average: $3.66/g)
June 7, 2013: $3.36/g (U.S. Average: $3.64/g)
June 7, 2012: $3.37/g (U.S. Average: $3.56/g)
June 7, 2011: $3.59/g (U.S. Average: $3.76/g)