Oil demand expected to rise, how will that impact gas prices?

Published 9:15 am Monday, January 3, 2022

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After a run of falling gas prices, the country’s motorists have seen things stabilize.

“Oil prices have started to rise as omicron hasn’t been as severe as initially feared, leading to optimism that perhaps oil demand will start to rise in the weeks ahead as cases will eventually plateau,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

Texas gas prices have risen 5.7 cents per gallon in the past week, averaging $2.88/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.

Gas prices in Texas are 4.4 cents per gallon lower than a month ago and stand 95.3 cents per gallon higher than a year ago.

“In addition, Great Lakes states were expected to see a price hike last week, but the hike hasn’t happened just yet, leading me to believe it will occur in short order this week and send the national average higher,” De Haan said.

“For the rest of the nation, with oil near $76 per barrel, we will likely see gas price decreases replaced by minor price increases.”

According to GasBuddy price reports, the cheapest station in Texas is priced at $2.43/g today while the most expensive is $3.69/g, a difference of $1.26/g.

The lowest price in the state today is $2.43/g while the highest is $3.69/g, a difference of $1.26/g.

The national average price of gasoline has fallen 0.9 cents per gallon in the last week, averaging $3.27/g today.

The national average is down 9.0 cents per gallon from a month ago and stands $1.03/g higher than a year ago.

Neighboring areas and their current gas prices:

Midland Odessa – $3.02/g, up 2.2 cents per gallon from last week’s $3.00/g.
San Antonio – $2.78/g, up 15.8 cents per gallon from last week’s $2.62/g.
Austin – $2.83/g, up 6.9 cents per gallon from last week’s $2.76/g.

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

January 3, 2021: $1.93/g (U.S. Average: $2.24/g)
January 3, 2020: $2.27/g (U.S. Average: $2.59/g)
January 3, 2019: $1.92/g (U.S. Average: $2.26/g)
January 3, 2018: $2.25/g (U.S. Average: $2.49/g)
January 3, 2017: $2.14/g (U.S. Average: $2.35/g)
January 3, 2016: $1.74/g (U.S. Average: $1.99/g)
January 3, 2015: $1.98/g (U.S. Average: $2.20/g)
January 3, 2014: $3.14/g (U.S. Average: $3.32/g)
January 3, 2013: $3.12/g (U.S. Average: $3.29/g)
January 3, 2012: $3.09/g (U.S. Average: $3.27/g)