Motorists starting to see gas price declines. How long will it last?

Published 12:28 am Monday, November 22, 2021

With oil prices plunging nearly $10 from the recent peak of $85 per barrel, motorists are starting to see gas prices decline nationwide.

This comes just in time for Thanksgiving, and the decline could stretch for several weeks, said Patrick De Haan, head of petroleum analysis for GasBuddy.

“It’s not impossible — so long as oil prices hold near these levels or continue falling — that the national average could shed 15 to 30 cents per gallon over the coming weeks, while some areas like California could see declines of as much as 25 to 40 cents,” De Haan said.

Texas gas prices have fallen 3.2 cents per gallon in the past week, averaging $3.00/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.

Gas prices in Texas are 2.9 cents per gallon lower than a month ago and stand $1.22/g higher than a year ago.
“While there’s reason to be optimistic that the peak of gas prices will soon be behind us, the decline in the price of oil is likely reflecting the possibility of a coordinated global release of oil from strategic reserves,” De Haan said.

“If that doesn’t happen, oil could again rally. However, with COVID cases on the rise again reducing global demand, it does seem the most likely outcome will be a drop in gas prices that could last several weeks.”

According to GasBuddy price reports, the cheapest station in Texas is priced at $2.59/g today while the most expensive is $3.89/g, a difference of $1.30/g.

The lowest price in the state today is $2.59/g while the highest is $3.89/g, a difference of $1.30/g.
The national average price of gasoline has fallen 1.9 cents per gallon in the last week, averaging $3.39/g today.

The national average is up 2.8 cents per gallon from a month ago and stands $1.30/g higher than a year ago.

Neighboring areas and their current gas prices:

• Midland Odessa – $3.07/g, down 2.6 cents per gallon from last week’s $3.09/g.
• San Antonio – $2.83/g, down 4.1 cents per gallon from last week’s $2.87/g.
• Austin – $2.92/g, down 3.1 cents per gallon from last week’s $2.95/g.

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

November 22, 2020: $1.78/g (U.S. Average: $2.10/g)
November 22, 2019: $2.24/g (U.S. Average: $2.60/g)
November 22, 2018: $2.28/g (U.S. Average: $2.55/g)
November 22, 2017: $2.27/g (U.S. Average: $2.52/g)
November 22, 2016: $1.90/g (U.S. Average: $2.13/g)
November 22, 2015: $1.86/g (U.S. Average: $2.07/g)
November 22, 2014: $2.61/g (U.S. Average: $2.82/g)
November 22, 2013: $3.02/g (U.S. Average: $3.22/g)
November 22, 2012: $3.15/g (U.S. Average: $3.43/g)
November 22, 2011: $3.16/g (U.S. Average: $3.33/g)