How is growing demand impacting Texas, U.S. gas prices?
Published 12:17 am Tuesday, May 26, 2020
Average gasoline prices across the U.S. continue to recover as more motorists take back to the roads as states relax previous shelter-in-place orders and begin filling their tanks, according to Patrick DeHaan, head of petroleum analysis at GasBuddy.
“Since demand is a major ingredient in what drives gasoline prices and demand is likely to continue to rebound, it is also pushing the price of both crude oil and gas prices higher,” DeHaan said.
Texas gas prices have risen 4.7 cents per gallon in the past week, averaging $1.63/g today, according to GasBuddy’s daily survey of 13,114 stations.
Gas prices in Texas are 10 cents per gallon higher than a month ago and stand 90.2 cents per gallon lower than a year ago.
“Unfortunately, thus far, refiners have started to input more crude oil into their refineries, but there has been some lag as refiners remain cautious on flooding the market with unwanted products,” DeHaan said. “As long as COVID-19 cases continue to drop over time and provinces re-open, I suspect it is only a matter of time before average price hits the $2 per gallon mark again- which could happen as early as this week.”
According to GasBuddy price reports, the cheapest station in Texas is priced at $1.20/g today while the most expensive is $2.39/g, a difference of $1.19/g.
The lowest price in the state today is $1.20/g while the highest is $2.39/g, a difference of $1.19/g.
The national average price of gasoline has risen 5.5 cents per gallon in the last week, averaging $1.96/g today.
The national average is up 22.3 cents per gallon from a month ago and stands 86.6 cents per gallon lower than a year ago.
Historical gasoline prices in Texas and the national average going back ten years:
May 26, 2019: $2.53/g (U.S. Average: $2.83/g)
May 26, 2018: $2.74/g (U.S. Average: $2.97/g)
May 26, 2017: $2.18/g (U.S. Average: $2.37/g)
May 26, 2016: $2.07/g (U.S. Average: $2.32/g)
May 26, 2015: $2.51/g (U.S. Average: $2.74/g)
May 26, 2014: $3.44/g (U.S. Average: $3.66/g)
May 26, 2013: $3.39/g (U.S. Average: $3.63/g)
May 26, 2012: $3.46/g (U.S. Average: $3.65/g)
May 26, 2011: $3.69/g (U.S. Average: $3.81/g)
May 26, 2010: $2.67/g (U.S. Average: $2.74/g)
Neighboring areas and their current gas prices:
• Midland Odessa – $1.69/g, up 6.1 cents per gallon from last week’s $1.63/g.
• San Antonio – $1.57/g, up 8.3 cents per gallon from last week’s $1.48/g.
• Austin – $1.60/g, up 5.0 cents per gallon from last week’s $1.55/g.