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Could “reckoning” in demand of gasoline send prices down?

Gasoline prices continue to rise across the U.S., a streak that enters its ninth week.

With a resurgence in COVID-19 cases across several states and with Pay with GasBuddy gasoline demand data showing the first weekly drop in gasoline demand since Memorial Day and just the second one since March, head of petroleum analysis Patrick DeHaan said there may eventually be a “small reckoning” in the price of gasoline.

Texas gas prices have risen 3.7 cents per gallon in the past week, averaging $1.88/g today, according to GasBuddy’s daily survey of 13,114 stations.

Gas prices in Texas are 23.3 cents per gallon higher than a month ago and stand 52.7 cents per gallon lower than a year ago.

“Last week, U.S. gasoline demand fell .4 percent, not exactly a staggering figure, but data from later in the week pointed to much more noticeable drops, which may be a coming trend as authorities in some U.S. states rescind their re-openings,” DeHaan said.

According to GasBuddy price reports, the cheapest station in Texas is priced at $1.49/g today while the most expensive is $2.55/g, a difference of $1.06/g.

The lowest price in the state today is $1.49/g while the highest is $2.55/g, a difference of $1.06/g.

“Motorists across the country will likely be influenced by what develops in those areas — improvement and a slowdown in COVID would cause gas prices to continue rising, while a continued resurgence in COVID-19 cases and a drop in gasoline demand will mean lower gas prices,” DeHaan said.

The national average price of gasoline has risen 3.4 cents per gallon in the last week, averaging $2.17/g today.

The national average is up 19.7 cents per gallon from a month ago and stands 53.4 cents per gallon lower than a year ago.

Historical gasoline prices in Texas and the national average going back ten years:
June 29, 2019: $2.41/g (U.S. Average: $2.70/g)
June 29, 2018: $2.65/g (U.S. Average: $2.85/g)
June 29, 2017: $2.04/g (U.S. Average: $2.23/g)
June 29, 2016: $2.11/g (U.S. Average: $2.29/g)
June 29, 2015: $2.57/g (U.S. Average: $2.77/g)
June 29, 2014: $3.49/g (U.S. Average: $3.67/g)
June 29, 2013: $3.35/g (U.S. Average: $3.49/g)
June 29, 2012: $3.17/g (U.S. Average: $3.34/g)
June 29, 2011: $3.44/g (U.S. Average: $3.53/g)
June 29, 2010: $2.61/g (U.S. Average: $2.73/g)

Neighboring areas and their current gas prices:
• Midland Odessa – $1.96/g, up 4.3 cents per gallon from last week’s $1.92/g.
• San Antonio – $1.87/g, up 7.3 cents per gallon from last week’s $1.80/g.
• Austin – $1.89/g, up 6.1 cents per gallon from last week’s $1.83/g.