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Texas gas prices fall in past week. What does that mean going forward?

Last week was a mixed bag for consumers at the pump as gas prices in half of states rose, while the other half saw declines, with March closing like a lamb after starting out like a lion, according to Patrick De Haan.

The head of petroleum analysis for GasBuddy said oil prices have shown signs of strength in the last few trading sessions, as OPEC agreed to raise oil production starting in May by a very modest 350,000 barrels per day.

Texas gas prices have fallen 1.5 cents per gallon in the past week, averaging $2.61/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.

Gas prices in Texas are 12.2 cents per gallon higher than a month ago and stand 92.0 cents per gallon higher than a year ago.

“Overall, it’s a small increase in output as global demand continues to show strength in light of Covid-related improvements,” De Haan said. “U.S. gasoline demand rose for the sixth straight week as consumers hit the road for Easter, and with demand growth likely to remain robust, we may see a second attempt at a run at a national average of $3 per gallon in the months ahead.”

According to GasBuddy price reports, the cheapest station in Texas is priced at $2.27/g today while the most expensive is $3.49/g, a difference of $1.22/g.

The lowest price in the state today is $2.27/g while the highest is $3.49/g, a difference of $1.22/g.

“While the last few weeks have seen gas prices hold mostly steady, it’s not likely to last forever, especially as Americans increasingly get outside as warmer temperatures return,” De Haan said.

The national average price of gasoline has fallen 0.4 cents per gallon in the last week, averaging $2.86/g today.

The national average is up 9.9 cents per gallon from a month ago and stands 95.5 cents per gallon higher than a year ago.

Neighboring areas and their current gas prices:

• Midland Odessa – $2.85/g, down 1.3 cents per gallon from last week’s $2.87/g.
• San Antonio – $2.44/g, down 5.1 cents per gallon from last week’s $2.49/g.
• Austin – $2.51/g, down 2.9 cents per gallon from last week’s $2.54/g.

Historical gasoline prices in Texas and the national average going back ten years:

April 5, 2020: $1.69/g (U.S. Average: $1.91/g)
April 5, 2019: $2.47/g (U.S. Average: $2.74/g)
April 5, 2018: $2.42/g (U.S. Average: $2.66/g)
April 5, 2017: $2.18/g (U.S. Average: $2.38/g)
April 5, 2016: $1.87/g (U.S. Average: $2.05/g)
April 5, 2015: $2.21/g (U.S. Average: $2.39/g)
April 5, 2014: $3.38/g (U.S. Average: $3.57/g)
April 5, 2013: $3.50/g (U.S. Average: $3.62/g)
April 5, 2012: $3.84/g (U.S. Average: $3.94/g)
April 5, 2011: $3.59/g (U.S. Average: $3.69/g)