How is unprecedented demand destruction impacting gas prices in Texas, rest of U.S.?
Published 6:49 am Monday, April 20, 2020
With another drop in the national average from a week ago, it has been eight straight weeks of decline and for the first time there are two U.S. cities that are averaging under $1 per gallon.
Patrick DeHaan, head of petroleum analysis for GasBuddy, said the truly unprecedented demand destruction has been dismantling expensive gas prices everywhere.
“With oil again at new multi-decade lows, we still have room for prices to fall nearly countrywide, though areas with lower prices will see little decline, take Wisconsin for example, while higher priced states like California have the most room to decline,” DeHaan said.
“With the wounds to the oil industry growing deeper, it’s becoming more likely that even after most Americans return to work, there will be a hangover to the low prices that many motorists will eventually be able to take advantage of.”
Texas gas prices have fallen 4.3 cents per gallon in the past week, averaging $1.58/g today, according to GasBuddy’s daily survey of 13,114 stations.
Gas prices in Texas are 31.3 cents per gallon lower than a month ago and stand 98.3 cents per gallon lower than a year ago.
According to GasBuddy price reports, the cheapest station in Texas is priced at $1.03/g today while the most expensive is $2.99/g, a difference of $1.96/g.
The lowest price in the state today is $1.03/g while the highest is $2.99/g, a difference of $1.96/g.
The national average price of gasoline has fallen 5.0 cents per gallon in the last week, averaging $1.78/g today.
The national average is down 33.1 cents per gallon from a month ago and stands 106.4 cents per gallon lower than a year ago.
Historical gasoline prices in Texas and the national average going back ten years:
April 20, 2019: $2.56/g (U.S. Average: $2.84/g)
April 20, 2018: $2.51/g (U.S. Average: $2.76/g)
April 20, 2017: $2.26/g (U.S. Average: $2.43/g)
April 20, 2016: $1.89/g (U.S. Average: $2.10/g)
April 20, 2015: $2.26/g (U.S. Average: $2.45/g)
April 20, 2014: $3.48/g (U.S. Average: $3.67/g)
April 20, 2013: $3.36/g (U.S. Average: $3.51/g)
April 20, 2012: $3.78/g (U.S. Average: $3.88/g)
April 20, 2011: $3.76/g (U.S. Average: $3.84/g)
April 20, 2010: $2.74/g (U.S. Average: $2.84/g)
Neighboring areas and their current gas prices:
• Midland Odessa – $1.74/g, down 2.3 cents per gallon from last week’s $1.77/g.
• San Antonio – $1.45/g, down 5.0 cents per gallon from last week’s $1.50/g.
• Austin – $1.52/g, down 3.9 cents per gallon from last week’s $1.56/g.