Are we going to pay $5 a gallon? Analyst breaks down Texas and U.S. trends.

Published 6:03 am Monday, May 16, 2022

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New records continued to be set on a near daily basis as the national average edges even closer to $4.50 per gallon.

“Prices later this week could be closer to $5 per gallon than $4, as demand continues to edge higher and inventories of both gasoline and diesel continue to decline, temperatures warm and motorists get back outside,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

As we near the Memorial Day weekend, the start of the summer driving season approaches.

Average gasoline prices in Texas are unchanged  in the last week, averaging $4.13/g today, according to GasBuddy’s survey of 13,114 stations in Texas. Prices in Texas are 44.1 cents per gallon higher than a month ago and stand $1.37/g higher than a year ago.

The price of diesel has risen 3 cents nationally in the past week and stands at $5.55 per gallon.

“Those filling their tanks last week saw another jolt at the pump, as both gasoline and diesel prices continued their multi-week rally,” De Haan said. “While the increases may start to slow in the days ahead as pump prices catch up to oil, there isn’t much reason to be optimistic that we’ll see a plunge any time soon.”

According to GasBuddy price reports, the cheapest station in Texas was priced at $3.19/g Sunday while the most expensive was $5.70/g, a difference of $2.51/g.

The national average price of gasoline is unchanged  in the last week, averaging $4.46/g today.

The national average is up 39.1 cents per gallon from a month ago and stands $1.43/g 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 – $4.18/g, unchanged  from last week’s $4.18/g.
San Antonio – $4.03/g, unchanged  from last week’s $4.03/g.
Austin – $4.11/g, unchanged  from last week’s $4.11/g.

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

May 16, 2021: $2.76/g (U.S. Average: $3.03/g)
May 16, 2020: $1.56/g (U.S. Average: $1.87/g)
May 16, 2019: $2.56/g (U.S. Average: $2.86/g)
May 16, 2018: $2.66/g (U.S. Average: $2.90/g)
May 16, 2017: $2.15/g (U.S. Average: $2.33/g)
May 16, 2016: $1.98/g (U.S. Average: $2.22/g)
May 16, 2015: $2.48/g (U.S. Average: $2.70/g)
May 16, 2014: $3.42/g (U.S. Average: $3.65/g)
May 16, 2013: $3.41/g (U.S. Average: $3.60/g)
May 16, 2012: $3.56/g (U.S. Average: $3.73/g)