National average gas price declines for 7th straight week. How does freeze impact run for 8th?

Published 7:00 am Monday, December 26, 2022

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While the national average declined for the seventh straight week, with oil prices rallying, it remains to be seen if we will manage another week of gasoline price declines.

Patrick De Haan, head of petroleum analysis at GasBuddy, said observers and motorists are still waiting for the national average to fall below $3 per gallon, something that is suddenly a bit less likely given the extreme cold weather.

Extreme weather is interrupting refining operations in the south, curbing gasoline production and potentially driving prices up slightly, De Haan said.

Average gasoline prices in Texas have risen 4.1 cents per gallon in the last week, averaging $2.61/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 21.9 cents per gallon lower than a month ago and stand 21.8 cents per gallon lower than a year ago.

“While some of the nation’s lowest priced gas stations will probably be forced to raise prices slightly, with some declines still happening in the West Coast, there remains a chance, albeit smaller one, that we could still see the national average fall below $3 per gallon,” De Haan said.

“With the New Year on the doorstep, however, the biggest question motorists have remains what will happen in 2023 – a question GasBuddy’s annual Fuel Outlook will answer later this week.”

The national average price of diesel has fallen 8.6 cents in the last week and stands at $4.68 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $1.89/g yesterday while the most expensive was $4.17/g, a difference of $2.28/g.

The national average price of gasoline has fallen 4.9 cents per gallon in the last week, averaging $3.05/g today.

The national average is down 50.2 cents per gallon from a month ago and stands 20.3 cents per gallon lower 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 – $2.69/g, down 6.5 cents per gallon from last week’s $2.75/g.
• San Antonio – $2.50/g, up 2.1 cents per gallon from last week’s $2.48/g.
• Austin – $2.53/g, down 0.4 cents per gallon from last week’s $2.53/g.

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

December 26, 2021: $2.83/g (U.S. Average: $3.25/g)
December 26, 2020: $1.92/g (U.S. Average: $2.25/g)
December 26, 2019: $2.22/g (U.S. Average: $2.54/g)
December 26, 2018: $1.97/g (U.S. Average: $2.30/g)
December 26, 2017: $2.20/g (U.S. Average: $2.44/g)
December 26, 2016: $2.06/g (U.S. Average: $2.28/g)
December 26, 2015: $1.76/g (U.S. Average: $2.00/g)
December 26, 2014: $2.06/g (U.S. Average: $2.30/g)
December 26, 2013: $3.06/g (U.S. Average: $3.26/g)
December 26, 2012: $3.05/g (U.S. Average: $3.23/g)