Texas gas prices 15.4 lower than a month ago. Analyst says what to expect next.
Published 9:55 am Monday, December 6, 2021
A downturn in average gas prices continued to gain momentum last week as oil prices remained at a hefty discount.
Patrick De Haan, head of petroleum analysis for GasBuddy, said this is largely due to continued anxiety over the omicron variant and some countries issuing lockdowns, keeping motorists from consuming as much fuel.
Texas gas prices have fallen 1.8 cents per gallon in the past week, averaging $2.91/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.
Gas prices in Texas are 15.4 cents per gallon lower than a month ago and stand $1.07/g higher than a year ago.
“While the Great Lakes region, the fastest to see prices respond to market fluctuations, is seeing hefty monthly declines approaching 30 cents per gallon, much of the rest of the country is lagging behind,” De Haan said.
According to GasBuddy price reports, the cheapest station in Texas is priced at $2.43/g today while the most expensive is $3.69/g, a difference of $1.26/g.
The lowest price in the state today is $2.43/g while the highest is $3.69/g, a difference of $1.26/g.
“But, we will see precipitous declines in the next week or two as stations continue to sell through higher priced inventory before slowly lowering their prices,” De Haan said.
“It’s not impossible given the conditions that price wars, where stations lower their price significantly, could emerge as stations now have considerable room to lower prices.”
The national average price of gasoline has fallen 5.3 cents per gallon in the last week, averaging $3.34/g today.
The national average is down 6.9 cents per gallon from a month ago and stands $1.19/g higher than a year ago.
Neighboring areas and their current gas prices:
Midland Odessa – $3.03/g, down 3.8 cents per gallon from last week’s $3.07/g.
San Antonio – $2.73/g, down 5.1 cents per gallon from last week’s $2.79/g.
Austin – $2.86/g, down 4.3 cents per gallon from last week’s $2.90/g.
Historical gasoline prices in Texas and the national average going back ten years:
December 6, 2020: $1.84/g (U.S. Average: $2.16/g)
December 6, 2019: $2.21/g (U.S. Average: $2.59/g)
December 6, 2018: $2.11/g (U.S. Average: $2.43/g)
December 6, 2017: $2.24/g (U.S. Average: $2.47/g)
December 6, 2016: $1.97/g (U.S. Average: $2.19/g)
December 6, 2015: $1.83/g (U.S. Average: $2.03/g)
December 6, 2014: $2.45/g (U.S. Average: $2.68/g)
December 6, 2013: $3.09/g (U.S. Average: $3.25/g)
December 6, 2012: $3.13/g (U.S. Average: $3.37/g)
December 6, 2011: $3.09/g (U.S. Average: $3.27/g)