Texas & U.S. gas prices fall for 3rd straight week; analyst shares what’s next for summer
Published 8:00 pm Sunday, May 7, 2023
For the third straight week, Texas and the majority of U.S. consumers have been greeted by falling gasoline prices across a majority of the country, thanks to oil prices holding near recent lows and the transition to summer gasoline being essentially complete.
While there have been a few pockets of rising prices, those have been the needle in the haystack, with nearly every single state seeing gas prices fall, according Patrick De Haan, head of petroleum analysis at GasBuddy.
“Americans are spending hundreds of millions less on fuel every week compared to a year ago, and that’s a number that could rise further as prices are poised to continue trending lower this week,” De Haan said.
Average gasoline prices in Texas have fallen 11.9 cents per gallon in the last week, averaging $3.02/g today, according to GasBuddy’s survey of 13,114 stations in Texas.
Prices in Texas are 20.7 cents per gallon lower than a month ago and stand 95.4 cents per gallon lower than a year ago.
The national average price of diesel has fallen 6.3 cents in the last week and stands at $4.01 per gallon.
According to GasBuddy price reports, the cheapest station in Texas was priced at $2.63/g Sunday while the most expensive was $4.29/g, a difference of $1.66/g.
The national average price of gasoline has fallen 7.5 cents per gallon in the last week, averaging $3.50/g today.
The national average is down 7.5 cents per gallon from a month ago and stands 80.7 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 – $3.08/g, down 11.4 cents per gallon from last week’s $3.19/g.
• San Antonio – $2.96/g, down 13.8 cents per gallon from last week’s $3.09/g.
• Austin- $3.03/g, down 11.1 cents per gallon from last week’s $3.14/g.
Historical gasoline prices in Texas and the national average going back ten years:
May 8, 2022: $3.97/g (U.S. Average: $4.31/g)
May 8, 2021: $2.67/g (U.S. Average: $2.96/g)
May 8, 2020: $1.51/g (U.S. Average: $1.83/g)
May 8, 2019: $2.58/g (U.S. Average: $2.88/g)
May 8, 2018: $2.59/g (U.S. Average: $2.82/g)
May 8, 2017: $2.18/g (U.S. Average: $2.33/g)
May 8, 2016: $1.99/g (U.S. Average: $2.21/g)
May 8, 2015: $2.44/g (U.S. Average: $2.66/g)
May 8, 2014: $3.43/g (U.S. Average: $3.67/g)
May 8, 2013: $3.37/g (U.S. Average: $3.54/g)