Analyst remains cautious but optimistic for price drop due to conflict in Middle East

Published 6:05 am Monday, October 16, 2023

Downward momentum gained steam, with the national average declining over the last week with again virtually every village, town, city, region and state seeing gasoline prices fall.

The added bonus is diesel prices have also declined.

“While the price of oil jumped some 5 percent last week, I remain steadfast that additional declines are coming to gasoline prices the way the situation stands now, but remain cautious that this depends on actions that are not foreseeable, mainly the conflict in the Middle East,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“For now, the national average is likely to soon fall to its lowest level in six months. Some areas of the Great Lakes could see a price cycle in the next few weeks, which is typical after long declines as stations often pass along the drops there faster than anywhere else. I believe the national average still has some 15-35 cents of declining to do the way things stand now.”

Average gasoline prices in Texas have fallen 14.2 cents per gallon in the last week, averaging $3.03/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 39.4 cents per gallon lower than a month ago and stand 22.8 cents per gallon lower than a year ago.

The national average price of diesel has fallen 6.8 cents in the last week and stands at $4.41 per gallon.
According to GasBuddy price reports, the cheapest station in Texas was priced at $2.56/g Sunday while the most expensive was $4.29/g, a difference of $1.73/g.

The national average price of gasoline has fallen 11.3 cents per gallon in the last week, averaging $3.55/g today.

The national average is down 29.9 cents per gallon from a month ago and stands 30.9 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 – $3.24/g, down 6.5 cents per gallon from last week’s $3.30/g.
• San Antonio – $2.90/g, down 14.3 cents per gallon from last week’s $3.04/g.
• Austin – $2.99/g, down 14.9 cents per gallon from last week’s $3.13/g.

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

October 16, 2022: $3.25/g (U.S. Average: $3.86/g)
October 16, 2021: $2.95/g (U.S. Average: $3.30/g)
October 16, 2020: $1.86/g (U.S. Average: $2.16/g)
October 16, 2019: $2.31/g (U.S. Average: $2.66/g)
October 16, 2018: $2.65/g (U.S. Average: $2.87/g)
October 16, 2017: $2.28/g (U.S. Average: $2.45/g)
October 16, 2016: $2.00/g (U.S. Average: $2.23/g)
October 16, 2015: $2.02/g (U.S. Average: $2.27/g)
October 16, 2014: $2.97/g (U.S. Average: $3.15/g)
October 16, 2013: $3.09/g (U.S. Average: $3.35/g)