Average gas prices declined for 2nd second straight week. Will it continue?
Published 4:42 am Monday, October 24, 2022
Average gas prices declined for the second straight week with significant declines in the West and Great Lakes having an oversized effect on the drop in the national average, according to Patrick De Haan.
The head of petroleum analysis at GasBuddy said with oil prices struggling a bit after reaching $93 due to OPEC+’s decision to cut production, many regions could see falling gas prices again this week as demand continues to decline seasonally.
Average gasoline prices in Texas have fallen 8.6 cents per gallon in the last week, averaging $3.17/g today, according to GasBuddy’s survey of 13,114 stations in Texas.
Prices in Texas are 7 cents per gallon higher than a month ago and stand 13.8 cents per gallon higher than a year ago.
The national average price of diesel has risen 4 cents in the last week and stands at $5.30 per gallon.
According to GasBuddy price reports, the cheapest station in Texas was priced at $1.37/g Sunday, while the most expensive was $4.49/g, a difference of $3.12/g.
The national average price of gasoline has fallen 9.3 cents per gallon in the last week, averaging $3.77/g today.
The national average is up 10.2 cents per gallon from a month ago and stands 41.2 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 – $3.30/g, down 3.4 cents per gallon from last week’s $3.34/g.
• San Antonio – $3.06/g, down 6.7 cents per gallon from last week’s $3.13/g.
• Austin – $3.15/g, down 5.8 cents per gallon from last week’s $3.21/g.
Historical gasoline prices in Texas and the national average going back ten years:
October 24, 2021: $3.03/g (U.S. Average: $3.36/g)
October 24, 2020: $1.84/g (U.S. Average: $2.15/g)
October 24, 2019: $2.27/g (U.S. Average: $2.61/g)
October 24, 2018: $2.59/g (U.S. Average: $2.84/g)
October 24, 2017: $2.25/g (U.S. Average: $2.45/g)
October 24, 2016: $2.05/g (U.S. Average: $2.22/g)
October 24, 2015: $1.95/g (U.S. Average: $2.20/g)
October 24, 2014: $2.85/g (U.S. Average: $3.06/g)
October 24, 2013: $3.07/g (U.S. Average: $3.31/g)
October 24, 2012: $3.40/g (U.S. Average: $3.62/g)
“While gasoline prices have seen a large drop, diesel prices have been somewhat mixed, with prices heading higher in the Northeast as inventories drop to extremely tight levels ahead of the heating oil season,” De Haan said.
“Motorists are reminded that the decline in gasoline prices is seasonal and should continue into the fall, and is unrelated to the coming election. Seasonality is king in driving prices, not the desires or hopes of politicians.”