Highest Memorial Day-level gas prices nearing. Does that mean $5 per gallon?

Published 6:22 am Monday, May 23, 2022

Gasoline prices surged over the last week to new record highs; however, one analyst said they are slowing their rise with diesel also “finally cooling off.”

Patrick De Haan, head of petroleum analysis at GasBuddy, said with more Americans planning to hit the road for Memorial Day this year compared to last, prices will be more than $1.50 per gallon higher than last year.

“Though, prices are appearing to slow down, for now,” De Haan said. “While the coast isn’t clear yet, and prices will be at their highest Memorial Day level ever, I’m hopeful that we could avoid a dreaded national average of $5 per gallon this year. Whether or not we’re able to depends on Americans cutting demand in the face of sky high prices.”

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Average gasoline prices in Texas have risen 13.9 cents per gallon in the last week, averaging $4.27/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 50.6 cents per gallon higher than a month ago and stand $1.52/g higher than a year ago.

The price of diesel has risen 22.6 cents nationally in the past week and stands at $5.518 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $3.37/g Sunday, while the most expensive was $5.20/g, a difference of $1.83/g.

The national average price of gasoline has risen 11 cents per gallon in the last week, averaging $4.57/g today.

The national average is up 45.4 cents per gallon from a month ago and stands $1.55/g 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 – $4.20/g, up 1.5 cents per gallon from last week’s $4.18/g.
San Antonio – $4.26/g, up 22.5 cents per gallon from last week’s $4.03/g.
Austin – $4.28/g, up 17.0 cents per gallon from last week’s $4.11/g.

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

May 23, 2021: $2.75/g (U.S. Average: $3.02/g)
May 23, 2020: $1.63/g (U.S. Average: $1.96/g)
May 23, 2019: $2.54/g (U.S. Average: $2.85/g)
May 23, 2018: $2.73/g (U.S. Average: $2.97/g)
May 23, 2017: $2.17/g (U.S. Average: $2.36/g)
May 23, 2016: $2.06/g (U.S. Average: $2.28/g)
May 23, 2015: $2.51/g (U.S. Average: $2.74/g)
May 23, 2014: $3.44/g (U.S. Average: $3.66/g)
May 23, 2013: $3.42/g (U.S. Average: $3.66/g)
May 23, 2012: $3.50/g (U.S. Average: $3.68/g)