Oil prices remain volatile, outlook is murky heading toward Thanksgiving

Published 5:55 am Monday, November 14, 2022

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After raising the week prior, the national average has changed directions again, posting a modest weekly decline with prices dropping in a majority of states.

The decline has been partly driven by Great Lakes states, where prices fell by 15-25 cents per gallon due to an improvement in the refining situation, and also oil prices, which fell back under $90 per barrel last week, according to Patrick De Haan, head of petroleum analysis at GasBuddy.

“With oil prices remaining volatile, the outlook is murky, but I’m hopeful in the lead up to Thanksgiving we’ll see prices declining in more states, while others may not be quite as lucky,” De Haan said. “Regardless, we’ll still be seeing the most expensive Thanksgiving Day prices on record.”

Average gasoline prices in Texas have fallen 7.7 cents per gallon in the last week, averaging $3.05/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 23.6 cents per gallon lower than a month ago and stand 1.9 cents per gallon higher than a year ago.

The national average price of diesel has risen 2.3 cents in the last week and stands at $5.34 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.50/g Sunday while the most expensive was $4.49/g, a difference of $1.99/g.

The national average price of gasoline has fallen 2.6 cents per gallon in the last week, averaging $3.76/g today.

The national average is down 14.3 cents per gallon from a month ago and stands 36.3 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 – $3.19/g, down 3.7 cents per gallon from last week’s $3.23/g.
• San Antonio – $3.00/g, down 7.8 cents per gallon from last week’s $3.08/g.
• Austin – $3.04/g, down 5.9 cents per gallon from last week’s $3.09/g.

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

November 14, 2021: $3.03/g (U.S. Average: $3.40/g)
November 14, 2020: $1.80/g (U.S. Average: $2.13/g)
November 14, 2019: $2.24/g (U.S. Average: $2.62/g)
November 14, 2018: $2.38/g (U.S. Average: $2.67/g)
November 14, 2017: $2.30/g (U.S. Average: $2.57/g)
November 14, 2016: $1.96/g (U.S. Average: $2.15/g)
November 14, 2015: $1.94/g (U.S. Average: $2.17/g)
November 14, 2014: $2.71/g (U.S. Average: $2.90/g)
November 14, 2013: $2.93/g (U.S. Average: $3.18/g)
November 14, 2012: $3.17/g (U.S. Average: $3.44/g)