Gas prices may continue decline into this week but analyst says drop could fade

Published 6:08 am Tuesday, July 5, 2022

As expected, and for the third straight week, average gasoline prices have fallen to their lowest level in over a month.

Patrick De Haan, head of petroleum analysis at GasBuddy, said the price of wholesale gasoline has plummeted, providing price relief as millions of Americans hit the road for the holiday weekend.

Average gasoline prices in Texas have fallen 15.6 cents per gallon in the last week, averaging $4.36/g Tuesday, according to GasBuddy’s survey of 13,114 stations in Texas.

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Prices in Texas are 19.2 cents per gallon lower than a month ago and stand $1.55/g higher than a year ago. The price of diesel has fallen 6.3 cents nationally in the past week and stands at $5.72 per gallon.

“While we may see prices decline into this week, the drop could fade soon if oil prices reverse, especially with strong demand over the holiday,” De Haan said.

“For the time being, Americans are spending nearly $100 million per day less on gasoline than when prices peaked a few weeks ago, and that’s well-needed relief at a time when gas prices remain near records.”

According to GasBuddy price reports, the cheapest station in Texas was priced at $3.69/g Monday while the most expensive was $5.69/g, a difference of $2.00/g.

The lowest price in the state Monday was $3.69/g while the highest was $5.69/g, a difference of $2.00/g.

The national average price of gasoline has fallen 10.4 cents per gallon in the last week, averaging $4.78/g Tuesday.

The national average is down 7.2 cents per gallon from a month ago and stands $1.66/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- $4.30/g, down 8.0 cents per gallon from last week’s $4.38/g.
• San Antonio- $4.32/g, down 17.5 cents per gallon from last week’s $4.49/g.
• Austin- $4.40/g, down 15.3 cents per gallon from last week’s $4.55/g.

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

July 5, 2021: $2.81/g (U.S. Average: $3.12/g)
July 5, 2020: $1.87/g (U.S. Average: $2.17/g)
July 5, 2019: $2.45/g (U.S. Average: $2.75/g)
July 5, 2018: $2.65/g (U.S. Average: $2.87/g)
July 5, 2017: $2.03/g (U.S. Average: $2.24/g)
July 5, 2016: $2.09/g (U.S. Average: $2.26/g)
July 5, 2015: $2.55/g (U.S. Average: $2.77/g)
July 5, 2014: $3.48/g (U.S. Average: $3.66/g)
July 5, 2013: $3.32/g (U.S. Average: $3.47/g)
July 5, 2012: $3.15/g (U.S. Average: $3.33/g)