Cheapest gas prices most likely over. How does that impact Texas?

Published 6:54 am Monday, May 4, 2020

It’s becoming clearer that 99-cent per gallon gas prices from the COVID-19 pandemic are solidly behind us as gasoline demand rebounds across the country with cities and states slowly reopening.

“The lowest-priced stations in the country will see some upward movement, but most areas will still see declines,” said Patrick DeHaan, head of petroleum analysis at GasBuddy.

Texas gas prices have fallen 4.6 cents per gallon in the past week, averaging $1.49/g today, according to GasBuddy’s daily survey of 13,114 stations.

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Gas prices in Texas are 17 cents per gallon lower than a month ago and stand 110.5 cents per gallon lower than a year ago.

“While oil may continue to struggle, a disconnect between low oil prices and rising gasoline prices has emerged at the hands of refineries that have slowed production over the past month to avoid flooding the market with unwanted gasoline,” DeHaan said.

“As demand stages a rebound, it remains to be seen how quickly refiners will raise production to meet the locations that have or will begin to re-open in the days and weeks ahead. For now, expect prices to see upward potential- but only in the lower priced states- as we await a boost in gasoline production.”

According to GasBuddy price reports, the cheapest station in Texas is priced at $1.09/g today while the most expensive is $2.39/g, a difference of $1.30/g.

The lowest price in the state today is $1.09/g while the highest is $2.39/g, a difference of $1.30/g.
The national average price of gasoline has risen 1.5 cents per gallon in the last week, averaging $1.75/g today.

The national average is down 14.8 cents per gallon from a month ago and stands 114.7 cents per gallon lower than a year ago.

Historical gasoline prices in Texas and the national average going back ten years:
May 4, 2019: $2.59/g (U.S. Average: $2.90/g)
May 4, 2018: $2.57/g (U.S. Average: $2.81/g)
May 4, 2017: $2.20/g (U.S. Average: $2.35/g)
May 4, 2016: $1.99/g (U.S. Average: $2.22/g)
May 4, 2015: $2.39/g (U.S. Average: $2.62/g)
May 4, 2014: $3.45/g (U.S. Average: $3.68/g)
May 4, 2013: $3.34/g (U.S. Average: $3.52/g)
May 4, 2012: $3.66/g (U.S. Average: $3.80/g)
May 4, 2011: $3.86/g (U.S. Average: $3.99/g)
May 4, 2010: $2.78/g (U.S. Average: $2.89/g)

Neighboring areas and their current gas prices:

• Midland Odessa – $1.61/g, down 5.4 cents per gallon from last week’s $1.66/g.
• San Antonio – $1.41/g, down 1.8 cents per gallon from last week’s $1.43/g.
• Austin – $1.46/g, down 3.6 cents per gallon from last week’s $1.49/g.