Gas price analyst predicts how long pump decline will continue

Published 8:34 am Monday, December 13, 2021

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With the price of crude oil remaining some $13 per barrel below its 2021 peak, the nation’s motorists have continued to see gas prices decline in nearly every city coast to coast.

The trend will likely continue into yet another week, according to Patrick De Haan, head of petroleum analysis for GasBuddy.

Texas gas prices have fallen 6 cents per gallon in the past week, averaging $2.86/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.

Gas prices in Texas are 17.1 cents per gallon lower than a month ago and stand $1.01/g higher than a year ago.

“Omicron concerns continue to be the primary catalyst for the drop in gas prices across much of the country,” De Haan said.

“While we’ve seen some anecdotal reports about the new variant, vaccine producers have yet to definitively state if current vaccines will still bring adequate protection against omicron- something that might be critical to limit severity and to avoid new shutdowns.”

According to GasBuddy price reports, the cheapest station in Texas is priced at $2.35/g today while the most expensive is $3.69/g, a difference of $1.34/g.

The lowest price in the state today is $2.35/g while the highest is $3.69/g, a difference of $1.34/g.

“With OPEC+ members still planning to boost oil production in January, we continue to see global oil production slowly rising,” De Haan said.

“In addition, U.S. gasoline demand last week fell to the lowest level since October, which may limit oil’s recent rebound and keep gas prices declining through the end of the year.”

The national average price of gasoline has fallen 2.4 cents per gallon in the last week, averaging $3.32/g today.

The national average is down 9.0 cents per gallon from a month ago and stands $1.18/g higher than a year ago.

Neighboring areas and their current gas prices:

Midland Odessa – $3.00/g, down 4.0 cents per gallon from last week’s $3.04/g.
San Antonio – $2.67/g, down 6.9 cents per gallon from last week’s $2.74/g.
Austin – $2.79/g, down 6.2 cents per gallon from last week’s $2.86/g.

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

December 13, 2020: $1.85/g (U.S. Average: $2.14/g)
December 13, 2019: $2.22/g (U.S. Average: $2.57/g)
December 13, 2018: $2.07/g (U.S. Average: $2.39/g)
December 13, 2017: $2.21/g (U.S. Average: $2.45/g)
December 13, 2016: $1.99/g (U.S. Average: $2.22/g)
December 13, 2015: $1.79/g (U.S. Average: $2.01/g)
December 13, 2014: $2.34/g (U.S. Average: $2.56/g)
December 13, 2013: $3.06/g (U.S. Average: $3.24/g)
December 13, 2012: $3.07/g (U.S. Average: $3.29/g)
December 13, 2011: $3.09/g (U.S. Average: $3.26/g)