Crude hits 7-year high of $88 per barrel, see how it’s impacting Texas pumps

Published 8:30 am Monday, January 31, 2022

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The price of oil pushed into territory unseen in over seven years as WTI crude hit $88 per barrel, which continues to drag gasoline prices higher.

“With continued concerns over geopolitical tensions and crude oil supply, the small yet noticeable increases are likely to continue,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

Average gasoline prices in Texas are unchanged in the last week, averaging $2.99/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 11.3 cents per gallon higher than a month ago and stand 87.5 cents per gallon higher than a year ago.

“The only factor keeping gas prices from rising more substantially is that gasoline demand remains low as winter storms keep motorists closer to home,” De Haan said.

“Once the weather starts to turn and warm gradually, we’ll lose the only restraint to larger price increases.”

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.34/g yesterday while the most expensive was $3.79/g, a difference of $1.45/g.

The lowest price in the state yesterday was $2.34/g while the highest was $3.79/g, a difference of $1.45/g.

The national average price of gasoline has risen 2.9 cents per gallon in the last week, averaging $3.34/g today.

The national average is up 6.8 cents per gallon from a month ago and stands 92.8 cents per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Neighboring areas and their current gas prices:

Midland Odessa – $3.08/g, down 5.7 cents per gallon from last week’s $3.13/g.
San Antonio – $2.94/g, up 3.2 cents per gallon from last week’s $2.90/g.
Austin – $2.98/g, up 6.0 cents per gallon from last week’s $2.92/g.

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

January 31, 2021: $2.11/g (U.S. Average: $2.42/g)
January 31, 2020: $2.15/g (U.S. Average: $2.47/g)
January 31, 2019: $1.96/g (U.S. Average: $2.27/g)
January 31, 2018: $2.37/g (U.S. Average: $2.59/g)

January 31, 2017: $2.08/g (U.S. Average: $2.27/g)
January 31, 2016: $1.58/g (U.S. Average: $1.80/g)
January 31, 2015: $1.85/g (U.S. Average: $2.05/g)
January 31, 2014: $3.07/g (U.S. Average: $3.27/g)
January 31, 2013: $3.24/g (U.S. Average: $3.43/g)
January 31, 2012: $3.36/g (U.S. Average: $3.44/g)