Texas gas prices jump & “prices could rise even more significantly”

Published 6:09 am Monday, January 24, 2022

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With oil prices remaining elevated, average gas prices inched up in most states over the last week, even as gasoline demand weakened, a testament to how concerned oil markets are with unrest in oil-producing nations.

“With all eyes on the Russia/Ukraine situation, oil will likely remain north of $80 per barrel, with additional volatility,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“Prices could rise even more significantly if there is any further deterioration in the situation.”

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Average gasoline prices in Texas have risen 7.8 cents per gallon in the last week, averaging $2.99/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 15.9 cents per gallon higher than a month ago and stand 89.5 cents per gallon higher than a year ago.

“For now, I don’t expect any immediate fireworks at the pump, but the trend of rising gas prices will likely persist as worries continue to overpower weak global consumption,” De Haan said.

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.59/g yesterday while the most expensive was $3.99/g, a difference of $1.40/g.

The lowest price in the state Sunday was $2.59/g while the highest was $3.99/g, a difference of $1.40/g.

The national average price of gasoline has risen 1.8 cents per gallon in the last week, averaging $3.32/g today.

The national average is up 3.3 cents per gallon from a month ago and stands 92.0 cents per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Neighboring areas and their current gas prices:

• Midland Odessa – $3.13/g, up 10.5 cents per gallon from last week’s $3.03/g.
• San Antonio – $2.90/g, up 4.2 cents per gallon from last week’s $2.86/g.
• Austin – $2.92/g, up 1 cent per gallon from last week’s $2.91/g.

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

January 24, 2021: $2.09/g (U.S. Average: $2.40/g)
January 24, 2020: $2.20/g (U.S. Average: $2.53/g)
January 24, 2019: $1.98/g (U.S. Average: $2.28/g)
January 24, 2018: $2.32/g (U.S. Average: $2.57/g)
January 24, 2017: $2.11/g (U.S. Average: $2.29/g)
January 24, 2016: $1.61/g (U.S. Average: $1.82/g)
January 24, 2015: $1.84/g (U.S. Average: $2.03/g)
January 24, 2014: $3.08/g (U.S. Average: $3.28/g)
January 24, 2013: $3.16/g (U.S. Average: $3.32/g)
January 24, 2012: $3.25/g (U.S. Average: $3.38/g)