Gas analyst outlines positive signs with prices at the pumps, what’s coming next

Published 4:55 am Monday, August 1, 2022

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U.S. motorists continue to see average gas prices falling in every state, with the national average down for the seventh straight week.

Even better, according to Patrick De Haan, head of petroleum analysis at GasBuddy, nearly 20 states have also seen their average decline to $3.99 or less, with more than 70,000 stations now at that level or below.

“The outlook is for a continued drop in most areas, however, some supply tightness in areas of the Northeastern U.S. could push prices up slightly until inventories rise, or imports do,” De Haan said.

Average gasoline prices in Texas have fallen 15.7 cents per gallon in the last week, averaging $3.66/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 76.5 cents per gallon lower than a month ago and stand 81.8 cents per gallon higher than a year ago.

“For now, Americans are seeing prices nearly 90 cents lower than their mid-June peak and are spending close to $330 million less on gasoline every day as a result,” De Haan said. “As long as oil prices hold at these levels or lower, we’ll see another decline in most areas this week.”

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.89/g Sunday, while the most expensive was $5.25/g, a difference of $2.36/g.

The national average price of gasoline has fallen 15.9 cents per gallon in the last week, averaging $4.17/g today.

The national average is down 65.5 cents per gallon from a month ago and stands $1.02/g higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering more 150,000 gas stations across the country.

Neighboring areas and their current gas prices:

• Midland Odessa – $3.81/g, down 14.0 cents per gallon from last week’s $3.95/g.
• San Antonio – $3.57/g, down 17.1 cents per gallon from last week’s $3.74/g.
• Austin – $3.70/g, down 15.4 cents per gallon from last week’s $3.85/g.

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

August 1, 2021: $2.84/g (U.S. Average: $3.16/g)
August 1, 2020: $1.86/g (U.S. Average: $2.18/g)
August 1, 2019: $2.46/g (U.S. Average: $2.72/g)
August 1, 2018: $2.64/g (U.S. Average: $2.87/g)
August 1, 2017: $2.13/g (U.S. Average: $2.32/g)
August 1, 2016: $1.96/g (U.S. Average: $2.12/g)
August 1, 2015: $2.45/g (U.S. Average: $2.65/g)
August 1, 2014: $3.35/g (U.S. Average: $3.51/g)
August 1, 2013: $3.49/g (U.S. Average: $3.62/g)
August 1, 2012: $3.35/g (U.S. Average: $3.52/g)