National gas price average falls below year-ago level for 1st time in 2 years; see the Texas impact

Published 6:50 am Monday, December 5, 2022

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For the first time in 670 days, the national average price of gasoline has fallen below its year-ago level, dropping for the fourth straight week to its lowest level since January, according to Patrick De Haan.

The head of petroleum analysis at GasBuddy said every state has again seen average gasoline prices drop in the last week, and it remains very possible the national average could fall under $3 per gallon by Christmas.

Average gasoline prices in Texas have fallen 11.3 cents per gallon in the last week, averaging $2.71/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 43.5 cents per gallon lower than a month ago and stand 20.1 cents per gallon lower than a year ago.

The national average price of diesel has fallen 13.6 cents in the last week and stands at $5.06 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.29/g Sunday while the most expensive was $4.49/g, a difference of $2.20/g.

The national average price of gasoline has fallen 15.8 cents per gallon in the last week, averaging $3.36/g today.

The national average is down 43.0 cents per gallon from a month ago and stands 1.5 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.

“There has also been a drop in diesel prices, which this week will fall back under $5 per gallon, and could soon thereafter fall to their lowest level since March,” De Haan said.

“However, despite all the good news about fuel prices, there may be some concerns coming as the price cap on Russian oil kicks in. Retaliation is possible, and while OPEC+ upheld production cuts from last month, they could always cut more production. For now, however, we’ll likely see another week of declines at the pump in nearly all areas.”

Neighboring areas and their current gas prices:

• Midland Odessa – $2.96/g, down 9.5 cents per gallon from last week’s $3.06/g.
• San Antonio – $2.63/g, down 11.6 cents per gallon from last week’s $2.75/g.
• Austin – $2.71/g, down 10.3 cents per gallon from last week’s $2.82/g.

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

December 5, 2021: $2.91/g (U.S. Average: $3.34/g)
December 5, 2020: $1.84/g (U.S. Average: $2.16/g)
December 5, 2019: $2.21/g (U.S. Average: $2.60/g)
December 5, 2018: $2.12/g (U.S. Average: $2.44/g)
December 5, 2017: $2.24/g (U.S. Average: $2.47/g)
December 5, 2016: $1.96/g (U.S. Average: $2.18/g)
December 5, 2015: $1.83/g (U.S. Average: $2.04/g)
December 5, 2014: $2.47/g (U.S. Average: $2.70/g)
December 5, 2013: $3.10/g (U.S. Average: $3.24/g)
December 5, 2012: $3.13/g (U.S. Average: $3.38/g)