Gas analyst talks end of declining gas prices; see where Texas pumps stand

Published 7:02 am Monday, August 15, 2022

Gas prices have continued to fall for the ninth week straight, but the streak is at great risk of being broken this week with wholesale gasoline prices having bounced back up some 40 cents per gallon as oil prices have rebounded.

Patrick De Haan, head of petroleum analysis at GasBuddy, said this means the decline in average prices could wrap up soon, with some price increases possible as early as this week, especially in areas of the Great Lakes.

Average gasoline prices in Texas have fallen 9.1 cents per gallon in the last week, averaging $3.41/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 64.2 cents per gallon lower than a month ago and stand 56.8 cents per gallon higher than a year ago.

“While the West Coast and some areas of the Rockies may see prices continue to drift lower, I do believe the national average could tick higher this week as the better than expected jobs report last week likely means less demand destruction than anticipated,” De Haan said.

The national average price of diesel has declined 14.8 cents in the last week and stands at $5.27 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.97/g Sunday while the most expensive was $4.87/g, a difference of $1.90/g.

The lowest price in the state Sunday was $2.97/g while the highest was $4.87/g, a difference of $1.90/g.

The national average price of gasoline has fallen 9.9 cents per gallon in the last week, averaging $3.92/g today.

The national average is down 63.7 cents per gallon from a month ago and stands 74.8 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 – $3.56/g, down 11.0 cents per gallon from last week’s $3.67/g.
• San Antonio – $3.36/g, down 8.1 cents per gallon from last week’s $3.44/g.
• Austin – $3.46/g, down 8.6 cents per gallon from last week’s $3.55/g.

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

August 15, 2021: $2.84/g (U.S. Average: $3.17/g)
August 15, 2020: $1.87/g (U.S. Average: $2.17/g)
August 15, 2019: $2.36/g (U.S. Average: $2.63/g)
August 15, 2018: $2.62/g (U.S. Average: $2.85/g)
August 15, 2017: $2.15/g (U.S. Average: $2.34/g)
August 15, 2016: $1.96/g (U.S. Average: $2.12/g)
August 15, 2015: $2.37/g (U.S. Average: $2.67/g)
August 15, 2014: $3.28/g (U.S. Average: $3.46/g)
August 15, 2013: $3.39/g (U.S. Average: $3.53/g)
August 15, 2012: $3.52/g (U.S. Average: $3.71/g)