Texas gas prices continue to rise last week; analyst shares why relief is coming
Published 6:16 am Monday, August 7, 2023
Average gasoline prices continued to move thanks to a continued rise in oil and continued pressure from hot weather that impacted refineries.
However, the pace of increases has started to slow down over the last few days, and for now, appears to have hit a peak over the weekend and is beginning to gently fall, said Patrick De Haan, head of petroleum analysis at GasBuddy.
Average gasoline prices in Texas have risen 3.3 cents per gallon in the last week, averaging $3.45/g today, according to GasBuddy’s survey of 13,114 stations in Texas.
Prices in Texas are 35.4 cents per gallon higher than a month ago and stand 5 cents per gallon lower than a year ago.
The national average price of diesel has risen 14.9 cents in the last week and stands at $4.143 per gallon.
According to GasBuddy price reports, the cheapest station in Texas was priced at $2.91/g Sunday while the most expensive was $4.40/g, a difference of $1.49/g.
The national average price of gasoline has risen 7.8 cents per gallon in the last week, averaging $3.79/g today.
The national average is up 28.1 cents per gallon from a month ago and stands 22 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.
“The price of diesel, however, continues to rise at a fairly strong pace, with average prices up nearly 15 cents per gallon from a week ago,” De Haan saod.
“Diesel will likely continue to see upward momentum while gasoline price increases should become more limited. But, with oil remaining under pressure from Saudi Arabia extending its 1 million barrel per day production cut into September, the respite from gasoline rising may not last long. Plus, there remain unknowns about hurricane season that will likely become more active in the weeks ahead.”
Neighboring areas and their current gas prices:
Midland Odessa – $3.40/g, up 1.1 cents per gallon from last week’s $3.39/g.
San Antonio – $3.34/g, down 8.4 cents per gallon from last week’s $3.43/g.
Austin – $3.41/g, down 4.8 cents per gallon from last week’s $3.46/g.
Historical gasoline prices in Texas and the national average going back ten years:
August 7, 2022: $3.50/g (U.S. Average: $4.01/g)
August 7, 2021: $2.85/g (U.S. Average: $3.19/g)
August 7, 2020: $1.85/g (U.S. Average: $2.18/g)
August 7, 2019: $2.42/g (U.S. Average: $2.68/g)
August 7, 2018: $2.64/g (U.S. Average: $2.86/g)
August 7, 2017: $2.16/g (U.S. Average: $2.35/g)
August 7, 2016: $1.94/g (U.S. Average: $2.12/g)
August 7, 2015: $2.41/g (U.S. Average: $2.62/g)
August 7, 2014: $3.31/g (U.S. Average: $3.47/g)
August 7, 2013: $3.45/g (U.S. Average: $3.59/g)