Gas price analyst: Prices will drop across the country

Published 6:49 am Monday, March 9, 2020

It’s been an unprecedented week, one in which oil majors Russia and Saudi Arabia saw anything but eye-to-eye on lowering oil production, leading crude oil prices to plummet 20 percent in Sunday evening trade, according to Patrick DeHaan, head of petroleum analysis for GasBuddy.

That combined with COVID-19 fears escalating means gas prices have no where to go but down and like a rock, DeHaan said.

Texas gas prices have fallen 2.5 cents per gallon in the past week, averaging $2.09/g today, according to GasBuddy’s daily survey of 13,114 stations.

Gas prices in Texas are .7 cents per gallon lower than a month ago and stand 12.6 cents per gallon lower than a year ago.

“Oil has now seen its value cut nearly in half after Iran tensions inflamed prices months ago and it doesn’t immediately look like it will get any better,” DeHaan said. “For motorists, I urge them to be in absolutely no hurry to fill up as gas prices will drop in nearly every nook and cranny of the country, from the smallest cities to the largest metros, at a time of year that prices are usually rising, we’ll see anything but that. The national average came into March like a lamb and will likely be leaving as a lion, with prices roaring lower.”

According to GasBuddy price reports, the cheapest station in Texas is priced at $1.81/g today while the most expensive is $3.59/g, a difference of $1.78/g.

The lowest price in the state today is $1.81/g while the highest is $3.59/g, a difference of $1.78/g.

The cheapest price in the entire country today stands at $0.61/g while the most expensive is $4.87/g, a difference of $4.26/g.

The national average price of gasoline has fallen 6.3 cents per gallon in the last week, averaging $2.36/g today.

The national average is down 5.9 cents per gallon from a month ago and stands 12.5 cents per gallon lower than a year ago.

Neighboring areas and their current gas prices:
• Midland Odessa – $2.24/g, unchanged  from last week’s $2.24/g.
• San Antonio – $1.95/g, down 5.1 cents per gallon from last week’s $2.00/g.
• Austin – $2.03/g, down 5.8 cents per gallon from last week’s $2.09/g.

Historical gasoline prices in Texas and the national average going back ten years:
March 9, 2019: $2.22/g (U.S. Average: $2.48/g)
March 9, 2018: $2.28/g (U.S. Average: $2.53/g)
March 9, 2017: $2.09/g (U.S. Average: $2.30/g)
March 9, 2016: $1.60/g (U.S. Average: $1.82/g)
March 9, 2015: $2.24/g (U.S. Average: $2.45/g)
March 9, 2014: $3.24/g (U.S. Average: $3.49/g)
March 9, 2013: $3.55/g (U.S. Average: $3.70/g)
March 9, 2012: $3.59/g (U.S. Average: $3.76/g)
March 9, 2011: $3.41/g (U.S. Average: $3.53/g)
March 9, 2010: $2.63/g (U.S. Average: $2.74/g)