Average Texas gas prices fall last week; analyst explains why motorists could see more

Published 5:40 am Monday, February 6, 2023

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For the first time in 2023, the national average price of gasoline has seen a weekly decline, primarily thanks to a sharp and sudden drop in the price of oil.

Patrick De Haan, head of petroleum analysis at GasBuddy, said while the decline in gasoline and diesel prices is terrific, it’s not unusual to see prices falling in February.

“(This month) tends to be the month with some of the lowest gasoline prices of the year thanks to seasonally weak demand,” De Haan said.

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Average gasoline prices in Texas have fallen 3.1 cents per gallon in the last week, averaging $3.05/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 21 cents per gallon higher than a month ago and stand 3.1 cents per gallon lower than a year ago.

The national average price of diesel has fallen 5.2 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 $2.27/g Sunday, while the most expensive was $4.17/g, a difference of $1.90/g.

The national average price of gasoline has fallen 4.4 cents per gallon in the last week, averaging $3.44/g today.

The national average is up 17.5 cents per gallon from a month ago and stands 1.7 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.

“For diesel, we’re likely to see more declines, and potentially much more significant in the weeks ahead as imports of distillate have accelerated, leading to a sell off,” De Haan said. “And, with warmer weather ahead, demand may struggle as well.

“However, especially for gasoline, high levels of coming maintenance and the eventual transition to summer gasoline could lead today’s declines to reverse down the road. For now, motorists should enjoy the decline, but be wary as we’re likely to eventually see increases again down the road.”

Neighboring areas and their current gas prices:

Midland Odessa – $3.17/g, down 3.9 cents per gallon from last week’s $3.21/g.
San Antonio – $3.01/g, down 11.8 cents per gallon from last week’s $3.13/g.
Austin – $3.07/g, down 7.1 cents per gallon from last week’s $3.14/g.

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

February 6, 2022: $3.09/g (U.S. Average: $3.42/g)
February 6, 2021: $2.15/g (U.S. Average: $2.46/g)
February 6, 2020: $2.11/g (U.S. Average: $2.46/g)
February 6, 2019: $1.97/g (U.S. Average: $2.29/g)
February 6, 2018: $2.36/g (U.S. Average: $2.61/g)
February 6, 2017: $2.07/g (U.S. Average: $2.26/g)
February 6, 2016: $1.56/g (U.S. Average: $1.74/g)
February 6, 2015: $1.98/g (U.S. Average: $2.16/g)
February 6, 2014: $3.06/g (U.S. Average: $3.26/g)
February 6, 2013: $3.37/g (U.S. Average: $3.55/g)