Oil production gaining momentum. See what that means to local, national gas prices.
Gas prices have clung to a $3 per gallon average on continued strong demand as Americans take to the roads amidst a continued economic recovery.
Patrick De Haan, head of petroleum analysis for GasBuddy, said through Sunday, U.S. gasoline demand was very strong over the weekend, with Friday and Sunday setting COVID records for gasoline consumption for their respective day of week.
“While gasoline demand continues to recover, oil production has only slowly started gaining momentum after a very challenging 2020 forced oil companies to take several steps backward as prices and demand plummeted last year,” De Haan said.
Texas gas prices have fallen 1.6 cents per gallon in the past week, averaging $2.73/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.
Gas prices in Texas are 12.9 cents per gallon higher than a month ago and stand $1.08/g higher than a year ago.
According to GasBuddy price reports, the cheapest station in Texas is priced at $2.39/g today while the most expensive is $3.49/g, a difference of $1.10/g.
The lowest price in the state today is $2.39/g while the highest is $3.49/g, a difference of $1.10/g.
“While oil production is now moving in the right direction, we’re in catch up mode to searing hot gasoline demand, and the imbalance has pushed prices up notably,” De Haan said. “For now, there’s little chance of a backslide in gas prices, but a larger chance that this summer could boast near-record gasoline demand as Americans hit the road, but remain mostly stuck to the U.S. due to overseas travel challenges that persist.”
The national average price of gasoline has risen .6 cents per gallon in the last week, averaging $3.04/g today.
The national average is up 14.3 cents per gallon from a month ago and stands $1.06/g higher than a year ago.
Neighboring areas and their current gas prices:
Midland Odessa – $2.97/g, up 0.5 cents per gallon from last week’s $2.96/g.
San Antonio – $2.58/g, down 4.4 cents per gallon from last week’s $2.62/g.
Austin – $2.64/g, down 2.6 cents per gallon from last week’s $2.67/g.
Historical gasoline prices in Texas and the national average going back ten years:
June 1, 2020: $1.65/g (U.S. Average: $1.98/g)
June 1, 2019: $2.49/g (U.S. Average: $2.81/g)
June 1, 2018: $2.74/g (U.S. Average: $2.96/g)
June 1, 2017: $2.18/g (U.S. Average: $2.38/g)
June 1, 2016: $2.10/g (U.S. Average: $2.32/g)
June 1, 2015: $2.50/g (U.S. Average: $2.75/g)
June 1, 2014: $3.46/g (U.S. Average: $3.68/g)
June 1, 2013: $3.38/g (U.S. Average: $3.60/g)
June 1, 2012: $3.42/g (U.S. Average: $3.61/g)
June 1, 2011: $3.63/g (U.S. Average: $3.77/g)
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