Texas, U.S. gas prices fall again week-over-week; analyst shares when trend might end

Published 12:06 am Monday, January 8, 2024

Sluggish gasoline demand has led to the national average easing again, and brings back the potential for the national average to drift under $3 per gallon for the first time since 2021, according to Patrick De Haan.

The head of petroleum analysis at GasBuddy said with a record rise in gasoline inventories last week as demand was anemic during the holidays, motorists have provided the catalyst for falling prices.

“If demand remains weak, gasoline prices could fall further,” he said. “In addition, refinery issues in California have also eased, which will soon cause prices to decline in California, Nevada and Arizona, providing momentum for a possible run at a $2.99 national average. However, the better it gets now, the more bumpy and sharp the rise could be ahead of the spring, as prices could start their rise of 35-85 cents per gallon around mid-February.”

Average gasoline prices in Texas have fallen .7 cents per gallon in the last week, averaging $2.63/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 3.2 cents per gallon higher than a month ago and stand 20.1 cents per gallon lower than a year ago. The national average price of diesel has fallen 5.6 cents in the last week and stands at $3.90 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.19/g Sunday, while the most expensive was $4.00/g, a difference of $1.81/g.

The national average price of gasoline has fallen 3.8 cents per gallon in the last week, averaging $3.03/g today.

The national average is down 12.2 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.

Neighboring areas and their current gas prices:

• Midland Odessa – $2.74/g, down 6.4 cents per gallon from last week’s $2.80/g.
• San Antonio – $2.52/g, down 20.5 cents per gallon from last week’s $2.73/g.
• Austin – $2.58/g, down 14.1 cents per gallon from last week’s $2.72/g.

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

January 8, 2023: $2.83/g (U.S. Average: $3.25/g)
January 8, 2022: $2.87/g (U.S. Average: $3.30/g)
January 8, 2021: $1.99/g (U.S. Average: $2.32/g)
January 8, 2020: $2.27/g (U.S. Average: $2.61/g)
January 8, 2019: $1.91/g (U.S. Average: $2.23/g)
January 8, 2018: $2.25/g (U.S. Average: $2.49/g)
January 8, 2017: $2.16/g (U.S. Average: $2.37/g)
January 8, 2016: $1.75/g (U.S. Average: $1.98/g)
January 8, 2015: $1.93/g (U.S. Average: $2.17/g)
January 8, 2014: $3.11/g (U.S. Average: $3.30/g)