What to expect at the pumps as Thanksgiving approaches

Published 9:41 am Monday, November 8, 2021

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Oil prices briefly fell back under $80 last week for the first time in weeks.

While it wasn’t enough to provide much relief, motorists should see small declines this week in a majority of the country, thanks to the corresponding drop in wholesale gasoline prices, said Patrick De Haan, head of petroleum analysis for GasBuddy.

Texas gas prices are unchanged  in the past week, averaging $3.05/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.

Gas prices in Texas are 15.7 cents per gallon higher than a month ago and stand $1.29/g higher than a year ago.

According to GasBuddy price reports, the cheapest station in Texas is priced at $2.53/g today while the most expensive is $3.68/g, a difference of $1.15/g.

The lowest price in the state today is $2.53/g while the highest is $3.68/g, a difference of $1.15/g.

“At OPEC’s monthly meeting last week, the cartel held firm to the small increases they agreed to in July, raising November production by 400,000 barrels per day,” De Haan said.

“With President Joe Biden still mulling over options to help push gas prices down, we could continue to see some volatility in oil prices. I don’t immediately see a large decline or surge coming in the run up to Thanksgiving, but U.S. gasoline demand does remain strong.”

Levels are currently rivaling September demand, so it is known high prices aren’t significantly curbing consumption, De Haan said.

The national average price of gasoline has risen 1.8 cents per gallon in the last week, averaging $3.41/g today.

The national average is up 15.1 cents per gallon from a month ago and stands $1.31/g higher than a year ago.

Neighboring areas and their current gas prices:

  • Midland Odessa – $3.09/g, down 5.7 cents per gallon from last week’s $3.15/g.
    • San Antonio – $2.91/g, down 0.6 cents per gallon from last week’s $2.92/g.
    • Austin – $2.97/g, down 1.6 cents per gallon from last week’s $2.99/g.

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

November 8, 2020: $1.77/g (U.S. Average: $2.09/g)
November 8, 2019: $2.27/g (U.S. Average: $2.63/g)
November 8, 2018: $2.45/g (U.S. Average: $2.72/g)
November 8, 2017: $2.28/g (U.S. Average: $2.56/g)
November 8, 2016: $2.00/g (U.S. Average: $2.20/g)
November 8, 2015: $1.97/g (U.S. Average: $2.22/g)
November 8, 2014: $2.71/g (U.S. Average: $2.93/g)
November 8, 2013: $2.95/g (U.S. Average: $3.20/g)
November 8, 2012: $3.22/g (U.S. Average: $3.46/g)
November 8, 2011: $3.23/g (U.S. Average: $3.41/g)