Electronic trading reached nearly $77 per barrel for crude oil Monday evening; see how Texas impacted

Published 6:53 am Tuesday, July 6, 2021

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Millions of Americans flooded the roads over the holiday weekend, guzzling down gasoline at a clip not seen in years, and in the process, could have set new all-time records for consumption, according to Patrick De Haan, head of petroleum analysis for GasBuddy.

“As OPEC+ met over the weekend and saw a heated disagreement about raising oil production, WTI crude oil surged in Monday evening electronic trading to nearly $77 per barrel on higher demand and a lack of additional supply from OPEC amidst a mountain of disagreement on how to respond to the market,” De Haan said.

Texas gas prices have risen 1.2 cents per gallon in the past week, averaging $2.81/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.

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Gas prices in Texas are 9.5 cents per gallon higher than a month ago and stand 93.1 cents per gallon higher than a year ago.

“For now, with imbalances in supply and demand continuing, motorists will continue digging deeper to pay for gasoline as prices are likely headed no where but up until global supply starts to catch up with the continued surge in demand,” De Haan said.

According to GasBuddy price reports, the cheapest station in Texas is priced at $2.19/g today while the most expensive is $3.49/g, a difference of $1.30/g.

The lowest price in the state today is $2.19/g while the highest is $3.49/g, a difference of $1.30/g.

The national average price of gasoline is unchanged in the last week, averaging $3.12/g today.

The national average is up 7.9 cents per gallon from a month ago and stands 94.3 cents per gallon higher than a year ago.

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

July 6, 2020: $1.88/g (U.S. Average: $2.18/g)
July 6, 2019: $2.45/g (U.S. Average: $2.75/g)
July 6, 2018: $2.65/g (U.S. Average: $2.86/g)
July 6, 2017: $2.04/g (U.S. Average: $2.26/g)
July 6, 2016: $2.08/g (U.S. Average: $2.25/g)
July 6, 2015: $2.55/g (U.S. Average: $2.76/g)
July 6, 2014: $3.48/g (U.S. Average: $3.65/g)
July 6, 2013: $3.32/g (U.S. Average: $3.47/g)
July 6, 2012: $3.17/g (U.S. Average: $3.36/g)
July 6, 2011: $3.43/g (U.S. Average: $3.57/g)

Neighboring areas and their current gas prices:

Midland Odessa – $3.03/g, up 1.9 cents per gallon from last week’s $3.01/g.
San Antonio – $2.75/g, up 2.2 cents per gallon from last week’s $2.73/g.
Austin – $2.77/g, up 2.0 cents per gallon from last week’s $2.75/g.