Average Texas gas prices rise 10.9 cents in last week; analyst predicts what’s coming next

Published 5:43 am Monday, January 23, 2023

Gasoline prices continued their upward trajectory last week as oil prices pulled them higher across the majority of the country, and continued refinery challenges kept supply of gasoline from rising more substantially.

Patrick De Haan, head of petroleum analysis at GasBuddy, said macroeconomic factors have continued to weigh on oil and refined products, as strong demand in China hasn’t been slowed much by a surge in new COVID cases.

“In addition, releases of crude oil from the Strategic Petroleum Reserve have wrapped up,” De Haan said.

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“Concerns are increasing that without additional oil, supply will tighten in the weeks ahead, especially as the nation starts to move away from softer demand in the height of winter. Moving forward, it doesn’t look good for motorists, with prices likely to continue accelerating.”

Average gasoline prices in Texas have risen 10.9 cents per gallon in the last week, averaging $3.01/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 41.6 cents per gallon higher than a month ago and stand 2.7 cents per gallon higher than a year ago.

The national average price of diesel has risen 2.6 cents in the last week and stands at $4.60 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.29/g Sunday while the most expensive was $4.17/g, a difference of $1.88/g.

The national average price of gasoline has risen 11.3 cents per gallon in the last week, averaging $3.39/g today.

The national average is up 30.2 cents per gallon from a month ago and stands 7.3 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 – $3.22/g, up 24.1 cents per gallon from last week’s $2.98/g.

• San Antonio – $2.97/g, up 5.0 cents per gallon from last week’s $2.92/g.

• Austin – $2.99/g, up 8.2 cents per gallon from last week’s $2.91/g.

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

January 23, 2022: $2.99/g (U.S. Average: $3.32/g)
January 23, 2021: $2.09/g (U.S. Average: $2.39/g)
January 23, 2020: $2.20/g (U.S. Average: $2.54/g)
January 23, 2019: $1.98/g (U.S. Average: $2.29/g)
January 23, 2018: $2.30/g (U.S. Average: $2.55/g)
January 23, 2017: $2.11/g (U.S. Average: $2.30/g)
January 23, 2016: $1.62/g (U.S. Average: $1.83/g)
January 23, 2015: $1.83/g (U.S. Average: $2.03/g)
January 23, 2014: $3.08/g (U.S. Average: $3.28/g)
January 23, 2013: $3.15/g (U.S. Average: $3.31/g)