Average price of gasoline declines for 5th straight week; national analyst talks what’s coming next

Published 5:47 am Monday, July 18, 2022

We’ve seen the national average price of gasoline decline for a fifth straight week, with the pace of recent declines accelerating to some of the most significant we’ve seen in years.

“This trend is likely to reach a sixth straight week, with prices likely to fall again this week,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

Barring major hurricanes, outages or unexpected disruptions, De Haan forecast the national average to fall to $3.99/gallon by mid-August.

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Average gasoline prices in Texas have fallen 19.5 cents per gallon in the last week, averaging $4/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 64.7 cents per gallon lower than a month ago and stand $1.16/g higher than a year ago.

“So far, we’ve seen the national average drop for 34 straight days, with over 25,000 stations now back at $3.99 per gallon or less, and thousands more stations will join this week,” De Haan said.

“In addition, we will see several states fall back under an average of $4, the majority being in the south, but that could spread to more states in the weeks ahead.”

The national average price of diesel has declined 10.8 cents in the last week and stands at $5.54 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $3.30/g Sunday while the most expensive was $5.29/g, a difference of $1.99/g.

The lowest price in the state Sunday was $3.30/g, while the highest was $5.29/g, a difference of $1.99/g.

The national average price of gasoline has fallen 15.8 cents per gallon in the last week, averaging $4.51/g today.

The national average is down 47.9 cents per gallon from a month ago and stands $1.35/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- $4.07/g, down 15.4 cents per gallon from last week’s $4.22/g.
• San Antonio- $3.92/g, down 21.9 cents per gallon from last week’s $4.14/g.
• Austin- $4.02/g, down 19.5 cents per gallon from last week’s $4.21/g.

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

July 18, 2021: $2.84/g (U.S. Average: $3.16/g)
July 18, 2020: $1.90/g (U.S. Average: $2.20/g)
July 18, 2019: $2.52/g (U.S. Average: $2.78/g)
July 18, 2018: $2.64/g (U.S. Average: $2.86/g)
July 18, 2017: $2.06/g (U.S. Average: $2.26/g)
July 18, 2016: $2.02/g (U.S. Average: $2.20/g)
July 18, 2015: $2.53/g (U.S. Average: $2.76/g)
July 18, 2014: $3.43/g (U.S. Average: $3.58/g)
July 18, 2013: $3.53/g (U.S. Average: $3.67/g)
July 18, 2012: $3.27/g (U.S. Average: $3.42/g)