“Nearly guaranteed that (gas) prices will be higher by April & May”

Published 7:02 am Monday, February 24, 2020

Texas gas prices have risen 6.9 cents per gallon in the past week, averaging $2.16/g today, according to GasBuddy’s daily survey of 13,114 stations.

Patrick DeHaan, head of petroleum analysis for GasBuddy, said oil prices pushed higher in recent weeks and the national average price of gasoline increased for the second straight week.

“Yet with much unknown after a rocky weekend with the COVID-19 coronavirus spreading into new countries, we still could see the current uptick slow with more countries potentially locking down travel,” DeHaan said.

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Gas prices in Texas are 3.5 cents per gallon lower than a month ago and stand 2.4 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Texas is priced at $1.87/g today while the most expensive is $3.19/g, a difference of $1.32/g.

The national average price of gasoline has risen 2.4 cents per gallon in the last week, averaging $2.47/g today.

“Over the last decade, the national average typically begins its seasonal rise on Feb. 9, lasting until May 2, during which the average rise is 54 cents per gallon,” DeHaan said. “This year could look much different based on myriad unknowns that continue to fog the situation. It’s nearly guaranteed that prices will be higher by April and May, but beyond that, the timing remains completely unknown, as does how the coronavirus will threaten overall gasoline demand.”

The national average is down 6.4 cents per gallon from a month ago and stands 7.3 cents per gallon higher than a year ago.

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

February 24, 2019: $2.14/g (U.S. Average: $2.39/g)
February 24, 2018: $2.27/g (U.S. Average: $2.51/g)
February 24, 2017: $2.07/g (U.S. Average: $2.28/g)
February 24, 2016: $1.51/g (U.S. Average: $1.71/g)
February 24, 2015: $2.12/g (U.S. Average: $2.31/g)
February 24, 2014: $3.18/g (U.S. Average: $3.42/g)
February 24, 2013: $3.63/g (U.S. Average: $3.78/g)
February 24, 2012: $3.53/g (U.S. Average: $3.65/g)
February 24, 2011: $3.09/g (U.S. Average: $3.24/g)
February 24, 2010: $2.55/g (U.S. Average: $2.67/g)

Neighboring areas and their current gas prices:

• Midland Odessa – $2.35/g, up 11.9 cents per gallon from last week’s $2.23/g.
• San Antonio – $2.03/g, up 7.4 cents per gallon from last week’s $1.95/g.
• Austin- $2.13/g, up 7.8 cents per gallon from last week’s $2.05/g.