Recent attacks on Israel could put gas price decline in jeopardy

Published 7:49 am Monday, October 9, 2023

At long last, the decline in gas prices that we’ve been waiting to see has arrived, and the locomotive of falling prices has only recently started on a downhill, gaining momentum, according to Patrick De Haan.

The head of petroleum analysis at GasBuddy said some new caution signs have emerged with the recent attacks on Israel, potentially destabilizing a sensitive region.

“I’m hopeful the violence won’t spread, limiting the impact to these falling gas prices,” he said. “Even with oil prices rising as a reaction to the attacks, I remain optimistic the national average could decline another 25-45 cents by late November, with prices falling potentially nearly triple that in California.

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“Even the price of diesel has seen downward pressure with oil prices plummeting last week on fears that the Fed will be forced to continue raising rates, eating into demand growth, leading a barrel of crude to drop into the mid-$80s, but we remain concerned about a potentially destabilized Middle East and the potential impact to oil prices should the region see violence escalate.”

Average gasoline prices in Texas have fallen 14.5 cents per gallon in the last week, averaging $3.17/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 17.9 cents per gallon lower than a month ago and stand 7.3 cents per gallon lower than a year ago. The national average price of diesel has fallen 4 cents in the last week and stands at $4.48 per gallon.
According to GasBuddy price reports, the cheapest station in Texas was priced at $2.59/g Sunday while the most expensive was $4.29/g, a difference of $1.70/g.

The national average price of gasoline has fallen 10.2 cents per gallon in the last week, averaging $3.67/g today.

The national average is down 13.8 cents per gallon from a month ago and stands 25 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 – $3.30/g, down 5.9 cents per gallon from last week’s $3.36/g.
• San Antonio – $3.04/g, down 18.2 cents per gallon from last week’s $3.22/g.
• Austin – $3.13/g, down 17.0 cents per gallon from last week’s $3.30/g.

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

October 9, 2022: $3.24/g (U.S. Average: $3.92/g)
October 9, 2021: $2.91/g (U.S. Average: $3.26/g)
October 9, 2020: $1.87/g (U.S. Average: $2.18/g)
October 9, 2019: $2.31/g (U.S. Average: $2.65/g)
October 9, 2018: $2.67/g (U.S. Average: $2.91/g)
October 9, 2017: $2.35/g (U.S. Average: $2.47/g)
October 9, 2016: $2.00/g (U.S. Average: $2.25/g)
October 9, 2015: $2.06/g (U.S. Average: $2.32/g)
October 9, 2014: $3.08/g (U.S. Average: $3.24/g)
October 9, 2013: $3.08/g (U.S. Average: $3.34/g)