U.S. gasoline prices coming off mixed bag are in some flux

Published 6:28 am Monday, January 15, 2024

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Last week was a bit of a mixed bag for gasoline prices, with prices increasing early on but falling again in recent days as the situation in the Red Sea continues to drive market volatility.

Patrick De Haan said while last week saw the U.S. attacking Houthi militants engaged in attacks on vessels in the Red Sea, oil prices jumped, but then promptly fell as economic concerns with weak demand.

“Gasoline inventories also saw another large rise, putting some downward pressure on gas prices, and leaving an opportunity for the national average to potentially briefly fall below $3 per gallon,” the head of petroleum analysis at GasBuddy said. “We’ll have to see if the stars finally align for such a move.”

Average gasoline prices in Texas have fallen 0.4 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 13.6 cents per gallon higher than a month ago and stand 27.8 cents per gallon lower than a year ago.

The national average price of diesel has fallen 2.0 cents in the last week and stands at $3.89 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $1.79/g Sunday, while the most expensive was $3.79/g, a difference of $2.00/g.

The national average price of gasoline has risen .6 cents per gallon in the last week, averaging $3.04/g today.

The national average is down 1.4 cents per gallon from a month ago and stands 23.9 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 – $2.73/g, down 0.5 cents per gallon from last week’s $2.74/g.
• San Antonio – $2.60/g, up 8.1 cents per gallon from last week’s $2.52/g.
• Austin – $2.64/g, up 6.2 cents per gallon from last week’s $2.58/g.

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

January 15, 2023: $2.90/g (U.S. Average: $3.28/g)
January 15, 2022: $2.91/g (U.S. Average: $3.30/g)
January 15, 2021: $2.09/g (U.S. Average: $2.39/g)
January 15, 2020: $2.24/g (U.S. Average: $2.56/g)
January 15, 2019: $1.92/g (U.S. Average: $2.24/g)
January 15, 2018: $2.28/g (U.S. Average: $2.53/g)
January 15, 2017: $2.14/g (U.S. Average: $2.34/g)
January 15, 2016: $1.70/g (U.S. Average: $1.92/g)
January 15, 2015: $1.85/g (U.S. Average: $2.07/g)
January 15, 2014: $3.10/g (U.S. Average: $3.30/g)