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Oil prices reach per barrel highest since 2018. What does that mean for average gas prices?

The national average gas price continues to inch higher as oil prices reach $71 per barrel – the highest since 2018.

Gasoline demand continues to rebound, said Patrick De Haan, head of petroleum analysis for GasBuddy.

“Strong gasoline demand as states and cities reopen will likely continue to be a major factor keeping gas prices elevated even as oil production climbs in the months ahead,” De Haan said.

Texas gas prices have risen 2.6 cents per gallon in the past week, averaging $2.76/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.

Gas prices in Texas are 0.4 cents per gallon lower than a month ago and stand 95.0 cents per gallon higher than a year ago.

“With most additional supply being gobbled up very quickly, gas prices will likely stay at elevated levels for the foreseeable future,” De Haan said. “Motorists can continue to fight the high gas prices by remembering to shop around each time they get below half a tank.”

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.

The national average price of gasoline has risen 1.6 cents per gallon in the last week, averaging $3.07/g today.

The national average is up 3.7 cents per gallon from a month ago and stands 97.7 cents per gallon higher than a year ago.

Neighboring areas and their current gas prices:

Midland Odessa – $2.93/g, down 2.7 cents per gallon from last week’s $2.95/g.
San Antonio – $2.68/g, up 12.2 cents per gallon from last week’s $2.56/g.
Austin – $2.70/g, up 5.7 cents per gallon from last week’s $2.64/g.

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

June 14, 2020: $1.81/g (U.S. Average: $2.09/g)
June 14, 2019: $2.40/g (U.S. Average: $2.69/g)
June 14, 2018: $2.71/g (U.S. Average: $2.91/g)
June 14, 2017: $2.13/g (U.S. Average: $2.31/g)
June 14, 2016: $2.14/g (U.S. Average: $2.38/g)
June 14, 2015: $2.61/g (U.S. Average: $2.81/g)
June 14, 2014: $3.44/g (U.S. Average: $3.66/g)
June 14, 2013: $3.40/g (U.S. Average: $3.62/g)
June 14, 2012: $3.31/g (U.S. Average: $3.53/g)
June 14, 2011: $3.57/g (U.S. Average: $3.69/g)