Gas prices in Texas are 9.1 cents per gallon higher than a month ago; analyst shares what to expect next

Published 6:18 am Monday, January 29, 2024

Motorists have seen the national average price of gasoline bounce back up after cold weather-related refinery shutdowns pushed up the wholesale price of gasoline.

“Plus, recent GDP data and new attacks in the Red Sea have pushed oil prices to their highest level since November,” Patrick De Haan said.

The head of petroleum analysis at GasBuddy added while prices have inched up and may continue to slowly rise, he believes the larger increases will be witnessed in a few weeks as motorists enter mid-February, lasting through April or May, during which the national average could rise 35 to 85 cents per gallon.

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“Other issues and tensions could complicate how quickly prices rise or how high they go, so while the rise is not completely charted, it could deviate from our expectations,” De Haan said.

Average gasoline prices in Texas have risen 9.9 cents per gallon in the last week, averaging $2.75/g today, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 9.1 cents per gallon higher than a month ago and stand 33.6 cents per gallon lower than a year ago.

The national average price of diesel has fallen 0.5 cents in the last week and stands at $3.87 per gallon.
According to GasBuddy price reports, the cheapest station in Texas was priced at $1.59/g Sunday while the most expensive was $4.16/g, a difference of $2.57/g.

The national average price of gasoline has risen 4.5 cents per gallon in the last week, averaging $3.07/g today.

The national average is down 4.1 cents per gallon from a month ago and stands 41.2 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 – $2.93/g, up 13.3 cents per gallon from last week’s $2.79/g.
• San Antonio – $2.72/g, up 8.3 cents per gallon from last week’s $2.64/g.
• Austin – $2.75/g, up 7.6 cents per gallon from last week’s $2.67/g.

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

January 29, 2023: $3.09/g (U.S. Average: $3.49/g)
January 29, 2022: $2.99/g (U.S. Average: $3.36/g)
January 29, 2021: $2.12/g (U.S. Average: $2.42/g)
January 29, 2020: $2.16/g (U.S. Average: $2.48/g)
January 29, 2019: $1.98/g (U.S. Average: $2.27/g)
January 29, 2018: $2.35/g (U.S. Average: $2.58/g)
January 29, 2017: $2.08/g (U.S. Average: $2.26/g)
January 29, 2016: $1.59/g (U.S. Average: $1.81/g)
January 29, 2015: $1.84/g (U.S. Average: $2.04/g)
January 29, 2014: $3.07/g (U.S. Average: $3.27/g)