How are Texas gas prices impacted by 2 tropical systems?

Published 6:41 am Monday, August 24, 2020

All eyes are on the Gulf of Mexico as two tropical systems head toward a sensitive area for the oil industry, said Patrick De Haan, head of petroleum analysis for GasBuddy.

“While these storms bear monitoring, they thankfully are unlikely to have a major impact on gas prices that for the eighth straight week have been mostly quiet,” De Haan said.

Texas gas prices have risen 1.5 cents per gallon in the past week, averaging $1.87/g today, according to GasBuddy’s daily survey of 13,114 stations.

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Gas prices in Texas are 1.3 cents per gallon lower than a month ago and stand 45.6 cents per gallon lower than a year ago.

“While Hurricane Marco and likely-soon-to-be Hurricane Laura churn in the Atlantic, current forecasts show limited ability for them to turn into a major hurricane, which means that motorists need not panic about gasoline supply or price,” De Haan said.

“We should be able to weather both of these storms, barring a major increase in peak intensity. In addition, with gasoline demand still weak due to COVID-19, there’s ample capacity for refineries that are not in the path of the storms to raise output should the situation warrant it.”

According to GasBuddy price reports, the cheapest station in Texas is priced at $1.49/g today while the most expensive is $2.69/g, a difference of $1.20/g.

The lowest price in the state today is $1.49/g while the highest is $2.69/g, a difference of $1.20/g.

The national average price of gasoline has risen 0.8 cents per gallon in the last week, averaging $2.18/g today.

The national average is down 0.5 cents per gallon from a month ago and stands 41.1 cents per gallon lower than a year ago.

Historical gasoline prices in Texas and the national average going back ten years:
August 24, 2019: $2.33/g (U.S. Average: $2.59/g)
August 24, 2018: $2.61/g (U.S. Average: $2.84/g)
August 24, 2017: $2.14/g (U.S. Average: $2.35/g)
August 24, 2016: $2.00/g (U.S. Average: $2.20/g)
August 24, 2015: $2.31/g (U.S. Average: $2.60/g)
August 24, 2014: $3.25/g (U.S. Average: $3.43/g)
August 24, 2013: $3.40/g (U.S. Average: $3.53/g)
August 24, 2012: $3.55/g (U.S. Average: $3.73/g)
August 24, 2011: $3.46/g (U.S. Average: $3.57/g)
August 24, 2010: $2.55/g (U.S. Average: $2.67/g)

Neighboring areas and their current gas prices:
• Midland Odessa – $1.92/g, down 2.8 cents per gallon from last week’s $1.95/g.
• San Antonio – $1.78/g, down 2.3 cents per gallon from last week’s $1.80/g.
• Austin – $1.83/g, down 3.3 cents per gallon from last week’s $1.86/g.