Average Texas gas prices fall 4.1 cents per gallon in last week; analyst shares what could come next

Published 6:17 am Monday, August 14, 2023

Getting your Trinity Audio player ready...

The national average price of gasoline continues to hold near the highest level we’ve seen since last October, touching $3.84 per gallon.

It could climb slightly higher as we get closer to Labor Day, as oil prices remain under pressure from recent OPEC+ production cuts, according to Patrick De Haan.

The head of petroleum analysis at GasBuddy said while July CPI data looked pretty good with energy prices well below their year-ago level, August data isn’t going to look nearly as friendly.

Subscribe to our free email newsletter

Get the latest news sent to your inbox

“Gasoline prices stand just over a dime away from rising back above their year ago level — something that is definitely possible by the closing summer holiday,” he said. “Motorists will likely see a mixed bag at the pump this week, with a few states seeing prices fall slightly, while others will see the opposite.”

Average gasoline prices in Texas have fallen 4.1 cents per gallon in the last week, averaging $3.41/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 25.9 cents per gallon higher than a month ago and stand unchanged compared to a year ago.

The national average price of diesel has risen 12.3 cents in the last week and stands at $4.27 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.71/g Sunday while the most expensive was $4.49/g, a difference of $1.78/g.

The national average price of gasoline has risen 2.5 cents per gallon in the last week, averaging $3.82/g today.

The national average is up 29.1 cents per gallon from a month ago and stands 9.6 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 – $3.39/g, down 0.9 cents per gallon from last week’s $3.40/g.
• San Antonio – $3.30/g, down 4.4 cents per gallon from last week’s $3.34/g.
• Austin- $3.39/g, down 2.5 cents per gallon from last week’s $3.41/g.

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

August 14, 2022: $3.41/g (U.S. Average: $3.92/g)
August 14, 2021: $2.85/g (U.S. Average: $3.17/g)
August 14, 2020: $1.87/g (U.S. Average: $2.18/g)
August 14, 2019: $2.37/g (U.S. Average: $2.64/g)
August 14, 2018: $2.62/g (U.S. Average: $2.86/g)
August 14, 2017: $2.15/g (U.S. Average: $2.34/g)
August 14, 2016: $1.95/g (U.S. Average: $2.12/g)
August 14, 2015: $2.37/g (U.S. Average: $2.66/g)
August 14, 2014: $3.27/g (U.S. Average: $3.47/g)
August 14, 2013: $3.39/g (U.S. Average: $3.52/g)