Gas prices continue to fall in Texas, U.S.; analyst answers if trend will continue

Published 6:20 am Monday, November 27, 2023

With the national average price of gasoline declining for the 10th straight week, motorists are enjoying the longest downward trend at the pump since the summer of 2022.

The timing couldn’t be better as Americans head into the holidays, leaving them with more in their wallets at a time of year many start to spend on gifts for loved ones, according to Patrick De Haan.

The head of petroleum analysis at GasBuddy said in addition, gasoline demand continues to be dragged lower as Americans stay inside more often, helping to put continued downward pressure on gasoline prices.

“However, we’re carefully monitoring OPEC’s delayed meeting, set to occur this week, for potential surprises that could eventually mean an end to lower gas prices should they make any surprise oil production cuts,” De Haan said.

Average gasoline prices in Texas have fallen 10.9 cents per gallon in the last week, averaging $2.66/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 30.8 cents per gallon lower than a month ago and stand 16.7 cents per gallon lower than a year ago.

The national average price of diesel has fallen 5.2 cents in the last week and stands at $4.23 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.28/g Sunday, while the most expensive was $4.29/g, a difference of $2.01/g.

The national average price of gasoline has fallen 5.8 cents per gallon in the last week, averaging $3.21/g today.

The national average is down 26.0 cents per gallon from a month ago and stands 30.3 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 – $2.76/g, down 5.2 cents per gallon from last week’s $2.81/g.
• San Antonio – $2.54/g, down 23.1 cents per gallon from last week’s $2.77/g.
• Austin – $2.59/g, down 21.4 cents per gallon from last week’s $2.81/g.

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

November 27, 2022: $2.83/g (U.S. Average: $3.52/g)
November 27, 2021: $2.94/g (U.S. Average: $3.39/g)
November 27, 2020: $1.80/g (U.S. Average: $2.12/g)
November 27, 2019: $2.24/g (U.S. Average: $2.60/g)
November 27, 2018: $2.22/g (U.S. Average: $2.52/g)
November 27, 2017: $2.26/g (U.S. Average: $2.50/g)
November 27, 2016: $1.89/g (U.S. Average: $2.12/g)
November 27, 2015: $1.82/g (U.S. Average: $2.04/g)
November 27, 2014: $2.56/g (U.S. Average: $2.79/g)
November 27, 2013: $3.14/g (U.S. Average: $3.28/g)