Risk from hurricane season adding to unpredictable range of gas prices

Published 12:22 am Monday, July 10, 2023

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After declining going into July 4, average gasoline prices have struggled to find much momentum in either direction as the price of crude oil has continued to bounce around.

Patrick De Haan, head of petroleum analysis at GasBuddy, doesn’t see much chance of a major break out of the tight range held since April.

“There is rising risk for hurricane season and potential disruptions as major forecaster Colorado State University released its third forecast for 2023 hurricane season, showing a sharp uptick in the number of expected major hurricanes,” De Haan said.

“Heading into the prime of summer gasoline demand, any disruptions, whether storms or unexpected outages and what might be a small challenge outside of the summer driving season, could be a larger problem, so there is some risk to gas prices going into the second half of summer.”

Average gasoline prices in Texas have fallen 0.9 cents per gallon in the last week, averaging $3.11/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 2.7 cents per gallon lower than a month ago and stand 108.9 cents per gallon lower than a year ago.

The national average price of diesel has fallen 1.3 cents in the last week and stands at $3.79 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.52/g Sunday while the most expensive was $4.17/g, a difference of $1.65/g.
The national average price of gasoline is unchanged  in the last week, averaging $3.50/g today.

The national average is down 8.4 cents per gallon from a month ago and stands 116.7 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 – $2.96/g, down 0.8 cents per gallon from last week’s $2.97/g.
• San Antonio – $3.20/g, up 14.2 cents per gallon from last week’s $3.05/g.
• Austin – $3.20/g, up 8.8 cents per gallon from last week’s $3.11/g.

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

July 10, 2022: $4.20/g (U.S. Average: $4.66/g)
July 10, 2021: $2.83/g (U.S. Average: $3.14/g)
July 10, 2020: $1.89/g (U.S. Average: $2.20/g)
July 10, 2019: $2.45/g (U.S. Average: $2.76/g)
July 10, 2018: $2.66/g (U.S. Average: $2.87/g)
July 10, 2017: $2.04/g (U.S. Average: $2.25/g)
July 10, 2016: $2.06/g (U.S. Average: $2.23/g)
July 10, 2015: $2.57/g (U.S. Average: $2.76/g)
July 10, 2014: $3.47/g (U.S. Average: $3.63/g)
July 10, 2013: $3.35/g (U.S. Average: $3.50/g)