Analyst weighs in on if & when gas price increases should slow down
Published 6:50 am Monday, October 25, 2021
Gas prices continued to soar in a majority of the nation over the last week as oil’s meteoric rise pulls gasoline and other refined product prices higher.
However, there may be some light at the end of the tunnel, according to Patrick De Haan, head of petroleum analysis for GasBuddy.
“The sharp rise we’ve seen over the last three weeks should begin slowing down soon, barring another jump in the price of oil,” De Haan said.
Texas gas prices have risen 6.2 cents per gallon in the past week, averaging $3.03/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.
Gas prices in Texas are 20.2 cents per gallon higher than a month ago and stand $1.18/g higher than a year ago.
“This is because gasoline prices have now largely caught up to the jump in oil that started nearly a month ago,” De Haan said.
“This isn’t an all clear for the future, however, as oil prices could rise again at any time. But for now, oil has held around $83 per barrel, and without a further climb, gas price increases should slow down soon in the bulk of the nation.”
According to GasBuddy price reports, the cheapest station in Texas is priced at $2.65/g today while the most expensive is $3.69/g, a difference of $1.04/g.
The lowest price in the state today is $2.65/g while the highest is $3.69/g, a difference of $1.04/g.
The national average price of gasoline has risen 3.8 cents per gallon in the last week, averaging $3.36/g today.
The national average is up 17.1 cents per gallon from a month ago and stands $1.21/g higher than a year ago.
Neighboring areas and their current gas prices:
• Midland Odessa – $3.15/g, up 6.3 cents per gallon from last week’s $3.09/g.
• San Antonio – $2.92/g, up 2.3 cents per gallon from last week’s $2.89/g.
• Austin – $2.96/g, up 4.9 cents per gallon from last week’s $2.91/g.
Historical gasoline prices in Texas and the national average going back ten years:
October 25, 2020: $1.85/g (U.S. Average: $2.14/g)
October 25, 2019: $2.28/g (U.S. Average: $2.61/g)
October 25, 2018: $2.58/g (U.S. Average: $2.83/g)
October 25, 2017: $2.24/g (U.S. Average: $2.45/g)
October 25, 2016: $2.05/g (U.S. Average: $2.22/g)
October 25, 2015: $1.95/g (U.S. Average: $2.20/g)
October 25, 2014: $2.83/g (U.S. Average: $3.05/g)
October 25, 2013: $3.06/g (U.S. Average: $3.30/g)
October 25, 2012: $3.38/g (U.S. Average: $3.59/g)
October 25, 2011: $3.30/g (U.S. Average: $3.44/g)