See how $80 per barrel could impact Texas gas pump prices in next couple of weeks
While the national average has seen a slight rise over the last week, the U.S. may see some stabilization coming to the pump as oil prices hold just under their 2021 peak from last week.
Patrick De Haan, head of petroleum analysis for GasBuddy, said without additional crude oil supply coming online in the weeks ahead, “we could see oil test $80 per barrel in the next couple of weeks.”
Texas gas prices have risen 2.3 cents per gallon in the past week, averaging $2.83/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.
Gas prices in Texas are 7.8 cents per gallon higher than a month ago and stand 94.1 cents per gallon higher than a year ago.
“However, with U.S. gasoline demand falling slightly last week, we may have already seen peak consumption with the July 4 holiday,” De Haan said. “While the jury isn’t quite in on that just yet, we’re potentially only 4-6 weeks away from gas prices beginning a seasonal decline that we’re likely all eagerly awaiting.”
According to GasBuddy price reports, the cheapest station in Texas is priced at $2.49/g today while the most expensive is $3.51/g, a difference of $1.02/g.
The lowest price in the state today is $2.49/g while the highest is $3.51/g, a difference of $1.02/g.
The national average price of gasoline has risen 0.5 cents per gallon in the last week, averaging $3.13/g today.
The national average is up 5.0 cents per gallon from a month ago and stands 93.7 cents per gallon higher than a year ago.
Neighboring areas and their current gas prices:
Midland Odessa – $3.02/g, down 1.3 cents per gallon from last week’s $3.03/g.
San Antonio – $2.72/g, down 2.9 cents per gallon from last week’s $2.75/g.
Austin – $2.77/g, unchanged from last week’s $2.77/g.
Historical gasoline prices in Texas and the national average going back ten years:
July 12, 2020: $1.89/g (U.S. Average: $2.19/g)
July 12, 2019: $2.48/g (U.S. Average: $2.79/g)
July 12, 2018: $2.66/g (U.S. Average: $2.89/g)
July 12, 2017: $2.05/g (U.S. Average: $2.25/g)
July 12, 2016: $2.05/g (U.S. Average: $2.21/g)
July 12, 2015: $2.56/g (U.S. Average: $2.76/g)
July 12, 2014: $3.47/g (U.S. Average: $3.62/g)
July 12, 2013: $3.41/g (U.S. Average: $3.56/g)
July 12, 2012: $3.23/g (U.S. Average: $3.38/g)
July 12, 2011: $3.53/g (U.S. Average: $3.63/g)
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