Texas, national trends flip longstanding gas price moves; see what that means for New Year

Published 7:44 am Tuesday, December 26, 2023

After 13 straight weeks of decline, average gasoline prices edged higher due to optimistic comments on cutting interest rates in 2024, coupled with Houthi attacks on vessels in the Red Sea, boosting concerns of a disruption to global shipping, including oil shipments.

Patrick De Haan, head of petroleum analysis at GasBuddy, said the price of gasoline has already jumped but could ease slightly this week ahead of the New Year.

“For now, I’m optimistic that we may still have a chance of seeing the first $2.99 national average since 2021 sometime before spring arrives,” he said.

Average gasoline prices in Texas have risen 11.3 cents per gallon in the last week, averaging $2.64/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 1.5 cents per gallon lower than a month ago and stand 2.5 cents per gallon higher than a year ago.

The national average price of diesel has risen .6 cents in the last week and stands at $4 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.25/g Monday while the most expensive was $3.89/g, a difference of $1.64/g.

The national average price of gasoline has risen 2.9 cents per gallon in the last week, averaging $3.07/g today.

The national average is down 13.8 cents per gallon from a month ago and stands 1.8 cents per gallon higher 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 – $2.85/g, up 28.8 cents per gallon from last week’s $2.56/g.
• San Antonio – $2.55/g, up 9.3 cents per gallon from last week’s $2.46/g.
• Austin – $2.62/g, up 14.1 cents per gallon from last week’s $2.48/g.