Average gasoline price decline reaches 4 weeks; “It could be a wild ride”

Published 5:16 am Monday, July 11, 2022

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The national average for the price of gas has declined for 27 days straight, or four weeks, the longest decline in average gas prices since the pandemic started in 2020.

“Average gas prices are down nearly 40 cents, with Americans shelling out $140 million less on gasoline every day than they did a month ago,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

Average gasoline prices in Texas have fallen 17.7 cents per gallon in the last week, averaging $4.20/g Monday, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 45 cents per gallon lower than a month ago and stand $1.36/g higher than a year ago.

The national average price of diesel has declined 8.5 cents in the last week and stands at $5.65 per gallon.

“We may see the trend last a fifth week, as long as oil prices remain cooperative and don’t surge beyond $105 per barrel, and as long as refinery production of gasoline remains strong,” De Haan said.

“But we’re not completely out of the woods yet — we could also see a sharp reversal in the decline. There remains risk of a spike in prices that could send us to new record levels in August, should any disruptions occur. It could be a wild ride, but for now, the plummet at the pump shall continue.”

According to GasBuddy price reports, the cheapest station in Texas was priced at $3.52/g yesterday while the most expensive was $5.29/g, a difference of $1.77/g.

The lowest price in the state yesterday was $3.52/g while the highest was $5.29/g, a difference of $1.77/g.

The national average price of gasoline has fallen 12.8 cents per gallon in the last week, averaging $4.66/g today.

The national average is down 34.4 cents per gallon from a month ago and stands $1.54/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- $4.22/g, down 7.5 cents per gallon from last week’s $4.30/g.
• San Antonio- $4.14/g, down 18.9 cents per gallon from last week’s $4.33/g.
• Austin- $4.21/g, down 19.4 cents per gallon from last week’s $4.41/g.

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

July 11, 2021: $2.83/g (U.S. Average: $3.13/g)
July 11, 2020: $1.89/g (U.S. Average: $2.19/g)
July 11, 2019: $2.46/g (U.S. Average: $2.77/g)
July 11, 2018: $2.66/g (U.S. Average: $2.89/g)
July 11, 2017: $2.05/g (U.S. Average: $2.25/g)
July 11, 2016: $2.06/g (U.S. Average: $2.22/g)
July 11, 2015: $2.56/g (U.S. Average: $2.76/g)
July 11, 2014: $3.47/g (U.S. Average: $3.63/g)
July 11, 2013: $3.37/g (U.S. Average: $3.52/g)
July 11, 2012: $3.22/g (U.S. Average: $3.38/g)