Nation’s gas prices perk up. Texas’ prices fall slightly. See what’s next.
The nation’s gas prices perked up again last week as oil prices advanced to fresh multi-year highs on COVID improvements overseas and the switch to summer gasoline, which is basically now complete, according to Patrick De Haan.
The head of petroleum analysis for GasBuddy said last week saw the national average hit its highest level in two years, and “with continued recovery in gasoline demand, the increase in price is likely to continue into the future.”
In Texas, gas prices have fallen slightly 0.5 cents per gallon in the past week, averaging $2.60/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.
“Americans may now want to brace themselves for the possibility of a $3/gal national average in the weeks ahead, as demand remains strong as Americans take to the roads,” De Haan said.
Gas prices in Texas are 0.9 cents per gallon lower than a month ago and stand $1.11/g higher than a year ago.
According to GasBuddy price reports, the cheapest station in Texas is priced at $2.23/g today while the most expensive is $3.99/g, a difference of $1.76/g.
The lowest price in the state today is $2.23/g while the highest is $3.99/g, a difference of $1.76/g.
“The question going forward is how much demand will continue to recover and rise- will it lead to record summer gasoline demand?” De Haan said. “We indeed may see some weeks with new records as Americans get in their cars this summer- but the question is how many will do so? That will determine how much higher prices will go.”
The national average price of gasoline has risen 0.7 cents per gallon in the last week, averaging $2.89/g today.
The national average is up 1.8 cents per gallon from a month ago and stands $1.13/g higher than a year ago.
Neighboring areas and their current gas prices:
• Midland Odessa – $2.81/g, down 1.3 cents per gallon from last week’s $2.82/g.
• San Antonio – $2.41/g, up 2.5 cents per gallon from last week’s $2.39/g.
• Austin – $2.48/g, down 0.5 cents per gallon from last week’s $2.48/g.
Historical gasoline prices in Texas and the national average going back ten years:
May 3, 2020: $1.49/g (U.S. Average: $1.75/g)
May 3, 2019: $2.59/g (U.S. Average: $2.90/g)
May 3, 2018: $2.57/g (U.S. Average: $2.82/g)
May 3, 2017: $2.20/g (U.S. Average: $2.36/g)
May 3, 2016: $1.99/g (U.S. Average: $2.22/g)
May 3, 2015: $2.39/g (U.S. Average: $2.62/g)
May 3, 2014: $3.46/g (U.S. Average: $3.68/g)
May 3, 2013: $3.34/g (U.S. Average: $3.52/g)
May 3, 2012: $3.67/g (U.S. Average: $3.80/g)
May 3, 2011: $3.85/g (U.S. Average: $3.97/g)
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