Drivers may want to brace for higher prices; gas prices could push to year-high level

Published 6:00 am Monday, July 31, 2023

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Gas prices soared over the last week due to heat-related refinery outages that impacted some of the largest refineries in the country.

It happened at a time when summer gasoline demand peaks and gasoline inventories slid to their lowest July level since 2015, according to Patrick De Haan.

The head of petroleum analysis at GasBuddy said in addition, oil prices surged to their highest level in months, rising to more than $80 per barrel due to SPR releases coming to an end and concerns over cuts in supply from Saudi Arabia and Russia, the second and third largest oil producers in the world.

“Motorists have seen average gasoline and diesel prices rise at the fastest pace in over a year, but the rise seen in the last week should now start slowing,” De Haan said. “However, as we get ever closer to the peak of hurricane season, any new issues could easily push the national average over $4 per gallon for the first time in 2023. Drivers may want to brace for potentially higher prices yet.”

Average gasoline prices in Texas have risen 18.6 cents per gallon in the last week, averaging $3.42/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 28.5 cents per gallon higher than a month ago and stand 24.2 cents per gallon lower than a year ago.

The national average price of diesel has jumped 15.5 cents in the last week and stands at $3.99 per gallon.
According to GasBuddy price reports, the cheapest station in Texas was priced at $2.85/g Sunday while the most expensive was $4.29/g, a difference of $1.44/g.

The national average price of gasoline has risen 16.5 cents per gallon in the last week, averaging $3.72/g today.

The national average is up 21.4 cents per gallon from a month ago and stands 45.6 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 – $3.39/g, up 30.8 cents per gallon from last week’s $3.08/g.
• San Antonio – $3.43/g, up 19.2 cents per gallon from last week’s $3.23/g.
• Austin – $3.46/g, up 19.5 cents per gallon from last week’s $3.27/g.

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

July 31, 2022: $3.66/g (U.S. Average: $4.17/g)
July 31, 2021: $2.84/g (U.S. Average: $3.16/g)
July 31, 2020: $1.88/g (U.S. Average: $2.18/g)
July 31, 2019: $2.46/g (U.S. Average: $2.72/g)
July 31, 2018: $2.64/g (U.S. Average: $2.87/g)
July 31, 2017: $2.11/g (U.S. Average: $2.31/g)
July 31, 2016: $1.96/g (U.S. Average: $2.13/g)
July 31, 2015: $2.46/g (U.S. Average: $2.66/g)
July 31, 2014: $3.36/g (U.S. Average: $3.51/g)
July 31, 2013: $3.50/g (U.S. Average: $3.62/g)