With summer driving season here, analyst talks about what to expect with prices at the pump

Published 6:25 am Tuesday, May 30, 2023

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Gasoline prices have drifted higher in the last week due to some relatively minor refinery kinks and low gasoline supply, but it may not be a trend that lasts too much longer.

Patrick De Haan, head of petroleum analysis at GasBuddy, said as motorists unofficially start the summer driving season, the national average is likely to spend much of the summer in the range of $3.35-$3.85 per gallon, though it could go higher if unexpected refinery outages flare up or a major hurricane or economic development comes into play.

“While gasoline prices have inched up slightly, we’re still faring much better than we did last year, when the national average started to soar after Memorial Day on its way up to the $5 per gallon mark,” De Haan said.

“In addition, gas prices may temporarily rally if there’s a debt ceiling deal that passes through Congress in the weeks ahead, based on the optimism that such a deal could avert a major recession, keeping oil demand stronger this summer.”

Average gasoline prices in Texas have risen 6.4 cents per gallon in the last week, averaging $3.09/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 4.6 cents per gallon lower than a month ago and stand 113.0 cents per gallon lower than a year ago.

The national average price of diesel has fallen 4.9 cents in the last week and stands at $3.91 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.39/g Monday while the most expensive was $4.17/g, a difference of $1.78/g.

The national average price of gasoline has risen 2.7 cents per gallon in the last week, averaging $3.55/g today.

The national average is down 3.2 cents per gallon from a month ago and stands 105.5 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 – $3.02/g, down 0.4 cents per gallon from last week’s $3.03/g.

• San Antonio – $3.08/g, up 10.7 cents per gallon from last week’s $2.98/g.

• Austin – $3.12/g, up 7.8 cents per gallon from last week’s $3.04/g.

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

May 30, 2022: $4.22/g (U.S. Average: $4.60/g)
May 30, 2021: $2.73/g (U.S. Average: $3.04/g)
May 30, 2020: $1.65/g (U.S. Average: $1.97/g)
May 30, 2019: $2.51/g (U.S. Average: $2.83/g)
May 30, 2018: $2.75/g (U.S. Average: $2.96/g)
May 30, 2017: $2.18/g (U.S. Average: $2.37/g)
May 30, 2016: $2.08/g (U.S. Average: $2.32/g)
May 30, 2015: $2.50/g (U.S. Average: $2.73/g)
May 30, 2014: $3.46/g (U.S. Average: $3.67/g)
May 30, 2013: $3.39/g (U.S. Average: $3.61/g)