Trends could see seasonal rise in gasoline prices by late February, early March

Published 6:03 am Monday, January 9, 2023

Last week, the rise in gasoline prices continued, still due to previous refinery outages caused by the cold weather the week of Christmas.

However, Patrick De Haan, head of petroleum analysis at GasBuddy, is optimistic that as refiners get back online, motorists could see the increases slow down as we head into the time of year when gasoline demand is at its weakest.

“While gasoline prices have rallied, average diesel prices continue to drift lower, which certainly bodes well for the overall economy,” De Haan said.

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Average gasoline prices in Texas have risen 0.6 cents per gallon in the last week, averaging $2.83/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 14.6 cents per gallon higher than a month ago and stand 3.4 cents per gallon lower than a year ago.

The national average price of diesel has fallen 2.1 cents in the last week and stands at $4.64 per gallon.

“As long as refiners are able to get back online soon from previous cold-weather outages, we could see supply start to recover at the same time demand is weak, which could bring gas prices down again,” De Haan said.

“The window of opportunity, however, is shrinking, and by late February or early March, we’ll likely kick off the seasonal rise in gasoline prices.”
According to GasBuddy price reports, the cheapest station in Texas was priced at $2.29/g Sundayday while the most expensive was $4.17/g, a difference of $1.88/g.

The national average price of gasoline has risen 8.2 cents per gallon in the last week, averaging $3.25/g today.

The national average is unchanged  from a month ago and stands 3.6 cents per gallon lower 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- $3.02/g, up 3.1 cents per gallon from last week’s $2.99/g.
San Antonio- $2.76/g, down 0.6 cents per gallon from last week’s $2.77/g.
Austin- $2.80/g, up 1 cent per gallon from last week’s $2.79/g.

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

January 9, 2022: $2.86/g (U.S. Average: $3.29/g)
January 9, 2021: $1.99/g (U.S. Average: $2.32/g)
January 9, 2020: $2.28/g (U.S. Average: $2.60/g)
January 9, 2019: $1.91/g (U.S. Average: $2.24/g)
January 9, 2018: $2.25/g (U.S. Average: $2.49/g)
January 9, 2017: $2.16/g (U.S. Average: $2.36/g)
January 9, 2016: $1.74/g (U.S. Average: $1.97/g)
January 9, 2015: $1.92/g (U.S. Average: $2.16/g)
January 9, 2014: $3.10/g (U.S. Average: $3.30/g)
January 9, 2013: $3.18/g (U.S. Average: $3.30/g)