Gas demand drives up prices at the pump. See where Texas stands.
Published 12:01 am Monday, June 8, 2020
Not surprisingly, gasoline prices increased for the sixth straight week as gasoline demand has hit its highest level since early March with Americans returning to the roads.
“With OPEC extending its large oil production cuts until at least July, oil prices continue to rally,” GasBuddy head of petroleum analysis Patrick De Haan said. “In Sunday evening trade, a barrel of WTI crude oil briefly touched $40 per barrel, the highest level in months thanks to rebounding demand for oil and gasoline as well as the previous production cuts.”
Texas gas prices have risen 5.1 cents per gallon in the past week, averaging $1.70/g today, according to GasBuddy’s daily survey of 13,114 stations.
Gas prices in Texas are 19 cents per gallon higher than a month ago and stand 73.3 cents per gallon lower than a year ago.
“While I don’t see oil’s strength holding too long given that oil demand remains 20-25 percent below a year ago, I believe the anxiety pushing oil prices up is coming from the fact that the economy may be recovering quicker than most anticipated,” De Haan said. “For now, motorists will likely continue to see gas prices rising for the weeks ahead.”
According to GasBuddy price reports, the cheapest station in Texas is priced at $1.39/g today while the most expensive is $2.55/g, a difference of $1.16/g.
The lowest price in the state today is $1.39/g while the highest is $2.55/g, a difference of $1.16/g.
The national average price of gasoline has risen 4.3 cents per gallon in the last week, averaging $2.02/g today.
The national average is up 19.8 cents per gallon from a month ago and stands 72.5 cents per gallon lower than a year ago.
Historical gasoline prices in Texas and the national average going back ten years:
June 8, 2019: $2.43/g (U.S. Average: $2.75/g)
June 8, 2018: $2.73/g (U.S. Average: $2.93/g)
June 8, 2017: $2.16/g (U.S. Average: $2.35/g)
June 8, 2016: $2.15/g (U.S. Average: $2.36/g)
June 8, 2015: $2.54/g (U.S. Average: $2.75/g)
June 8, 2014: $3.44/g (U.S. Average: $3.66/g)
June 8, 2013: $3.36/g (U.S. Average: $3.64/g)
June 8, 2012: $3.36/g (U.S. Average: $3.55/g)
June 8, 2011: $3.58/g (U.S. Average: $3.74/g)
June 8, 2010: $2.58/g (U.S. Average: $2.69/g)
Neighboring areas and their current gas prices:
• Midland Odessa – $1.75/g, up 3.3 cents per gallon from last week’s $1.71/g.
• San Antonio – $1.61/g, up 4.8 cents per gallon from last week’s $1.57/g.
• Austin – $1.67/g, up 5.8 cents per gallon from last week’s $1.62/g.