Breckenridge Texan

Lack of demand leads to lower gas prices, according to GasBuddy

Lack of demand leads to lower gas prices, according to GasBuddy
January 10
10:06 2022

Average gasoline prices in Texas have fallen 1.7 cents per gallon in the last week, averaging $2.86/g today, according to GasBuddy’s survey of 13,114 stations in Texas. Prices in Texas are 0.9 cents per gallon lower than a month ago and stand 86.5 cents per gallon higher than a year ago.

According to GasBuddy price reports, the lowest price in the state yesterday was $2.45/g while the highest was $3.99/g, a difference of $1.54/g.

The national average price of gasoline has risen 2.3 cents per gallon in the last week, averaging $3.29/g today. The national average is down 5.5 cents per gallon from a month ago and stands 97.5 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.

“Oil prices have remained stubbornly strong, touching nearly $80 per barrel last week, pushing gasoline prices higher even as U.S. gasoline demand starts to struggle. Some of this is typical seasonal weakness, but the lack of demand is likely enhanced by omicron cases surging and Americans who are just a bit more hesitant to get out right now,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “In addition, unrest in Kazakhstan, the 18th largest oil producer, is likely leading to impacts on oil production, while continued unrest in Libya also worries markets and overpowers the seasonal drop in gasoline demand. Without improvement or stability in oil producing countries, we’re likely to continue to see upward pressure on oil prices.”

Historical gasoline prices in Texas and the national average going back 10 years:

  • January 10, 2021: $2.00/g (U.S. Average: $2.31/g)
  • January 10, 2020: $2.27/g (U.S. Average: $2.59/g)
  • January 10, 2019: $1.92/g (U.S. Average: $2.25/g)
  • January 10, 2018: $2.25/g (U.S. Average: $2.51/g)
  • January 10, 2017: $2.16/g (U.S. Average: $2.36/g)
  • January 10, 2016: $1.73/g (U.S. Average: $1.97/g)
  • January 10, 2015: $1.91/g (U.S. Average: $2.14/g)
  • January 10, 2014: $3.10/g (U.S. Average: $3.30/g)
  • January 10, 2013: $3.18/g (U.S. Average: $3.31/g)
  • January 10, 2012: $3.21/g (U.S. Average: $3.37/g)

Some current gas prices around the state:

  • Midland Odessa- $3.02/g, unchanged from last week’s $3.02/g.
  • San Antonio- $2.75/g, down 2.0 cents per gallon from last week’s $2.77/g.
  • Austin- $2.83/g, down 0.8 cents per gallon from last week’s $2.83/g.

 

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