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Decline in demand due to coronavirus impacts gas prices

Texas gas prices are unchanged  in the past week, averaging $2.09/g today, according to GasBuddy’s daily survey of 13,114 stations.

Gas prices in Texas are 14.1 cents per gallon lower than a month ago and stand 5.6 cents per gallon higher than a year ago.

Oil prices rebounded last week on word that OPEC members were closely considering cutting global oil production for several months, said Patrick DeHaan, head of petroleum analysis for GasBuddy, to offset the decline in demand due to the coronavirus, pushing the national average marginally higher versus a week ago.

According to GasBuddy price reports, the cheapest station in Texas is priced at $1.79/g today while the most expensive is $3.19/g, a difference of $1.40/g.

The lowest price in the state today is $1.79/g while the highest is $3.19/g, a difference of $1.40/g.

The cheapest price in the entire country today stands at $1.71/g while the most expensive is $100.60/g, a difference of $98.89/g.

The national average price of gasoline has risen 0.7 cents per gallon in the last week, averaging $2.43/g today.

The national average is down 12.1 cents per gallon from a month ago and stands 11.5 cents per gallon higher than a year ago.

Historical gasoline prices in Texas and the national average going back ten years:
February 17, 2019: $2.03/g (U.S. Average: $2.31/g)
February 17, 2018: $2.28/g (U.S. Average: $2.52/g)
February 17, 2017: $2.08/g (U.S. Average: $2.28/g)
February 17, 2016: $1.52/g (U.S. Average: $1.71/g)
February 17, 2015: $2.09/g (U.S. Average: $2.26/g)
February 17, 2014: $3.18/g (U.S. Average: $3.35/g)
February 17, 2013: $3.54/g (U.S. Average: $3.73/g)
February 17, 2012: $3.46/g (U.S. Average: $3.52/g)
February 17, 2011: $2.99/g (U.S. Average: $3.14/g)
February 17, 2010: $2.45/g (U.S. Average: $2.58/g)

Neighboring areas and their current gas prices:
• Midland Odessa – $2.25/g, down 3.1 cents per gallon from last week’s $2.28/g.
• San Antonio – $1.95/g, down 3.6 cents per gallon from last week’s $1.99/g.
• Austin – $2.04/g, down 2.8 cents per gallon from last week’s $2.07/g.

“While it’s possible average gasoline prices will remain within arm’s reach of recent lows, unless there’s renewed or new concerns with the spread of the coronavirus, we may have seen the deepest discounted prices behind us, with some chance we’ll hold close to the lows before the seasonal rally begins in earnest,” DeHaan said. “It wouldn’t be a bad time to fill up to hedge the chances of prices rising in the coming days.”