Gas prices fall for 2nd straight week. Will trend continue?

Published 6:05 am Monday, June 27, 2022

With Independence Day a week away, gas prices fell for the second straight week.

The price of oil has faltered, ushering in the drop motorists are seeing.

The good news is we could also see a third straight week of decline, according to Patrick De Haan, head of petroleum analysis at GasBuddy.

“While prices will be at their highest July 4th level ever, they’ll have fallen close to 20 cents since our peak in early June,” he said.

Average gasoline prices in Texas have fallen 12 cents per gallon in the last week, averaging $4.52/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 29.1 cents per gallon higher than a month ago and stand $1.73/g higher than a year ago.

The price of diesel has risen 2.6 cents nationally in the past week and stands at $5.80 per gallon.

“Motorists should be wary that while the decline could continue for the week ahead, any sudden jolts to supply could quickly cause a turnaround, and risk remains that when the peak of hurricane season arrives, we could see a super spike at the pump,” De Haan said.

According to GasBuddy price reports, the cheapest station in Texas was priced at $3.99/g Sunday while the most expensive was $5.68/g, a difference of $1.69/g.

The national average price of gasoline has fallen 8.8 cents per gallon in the last week, averaging $4.88/g today.

The national average is up 28.3 cents per gallon from a month ago and stands $1.79/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- $4.39/g, down 4.5 cents per gallon from last week’s $4.44/g.
• San Antonio- $4.50/g, down 11.4 cents per gallon from last week’s $4.61/g.
• Austin- $4.56/g, down 9.1 cents per gallon from last week’s $4.65/g.

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

June 27, 2021: $2.78/g (U.S. Average: $3.09/g)
June 27, 2020: $1.88/g (U.S. Average: $2.17/g)
June 27, 2019: $2.40/g (U.S. Average: $2.71/g)
June 27, 2018: $2.65/g (U.S. Average: $2.85/g)
June 27, 2017: $2.06/g (U.S. Average: $2.24/g)
June 27, 2016: $2.11/g (U.S. Average: $2.30/g)
June 27, 2015: $2.58/g (U.S. Average: $2.78/g)
June 27, 2014: $3.51/g (U.S. Average: $3.68/g)
June 27, 2013: $3.37/g (U.S. Average: $3.52/g)
June 27, 2012: $3.20/g (U.S. Average: $3.37/g)