Breckenridge Texan

Gas prices continue to rise as global issues affect crude oil production, supply

Gas prices continue to rise as global issues affect crude oil production, supply
February 22
09:35 2022

Texas gas prices have risen 4.0 cents per gallon in the past week, averaging $3.19/g on Monday, according to GasBuddy’s daily survey of 13,114 stations in Texas. Gas prices in Texas are 21.2 cents per gallon higher than a month ago and stand 88.3 cents per gallon higher than a year ago.

According to GasBuddy price reports, the lowest price in the Texas on Monday was $2.39/g while the highest was $3.99/g, a difference of $1.60/g.

The national average price of gasoline has risen 3.0 cents per gallon in the last week, averaging $3.51/g on Monday. The national average is up 20.5 cents per gallon from a month ago and stands 88.7 cents per gallon higher than a year ago.

“With tensions still very high that Russia may invade Ukraine, gasoline prices kept moving higher, tugged by the rising price of oil as the market concentrates on possible outcomes from the situation that could affect global oil production amidst recovering demand,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “However, with nuclear talks between Iran and global powers ongoing in Vienna, the possibility exists that a new deal could bring Iran’s crude oil supply back to legitimate markets, helping to ease a slight portion of supply concerns. While the proposition remains in the air for the time being, we’re also just a few weeks away from the traditional start of the spring surge in gasoline prices, brought on by the change to summer gasoline, seasonal maintenance at refineries and rising demand. The weeks ahead could be rather ugly with rising prices, especially if Russia pursues a strong-arm invasion of Ukraine.”

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

  • February 21, 2021: $2.31/g (U.S. Average: $2.63/g)
  • February 21, 2020: $2.16/g (U.S. Average: $2.48/g)
  • February 21, 2019: $2.12/g (U.S. Average: $2.40/g)
  • February 21, 2018: $2.27/g (U.S. Average: $2.52/g)
  • February 21, 2017: $2.07/g (U.S. Average: $2.28/g)
  • February 21, 2016: $1.51/g (U.S. Average: $1.71/g)
  • February 21, 2015: $2.11/g (U.S. Average: $2.28/g)
  • February 21, 2014: $3.19/g (U.S. Average: $3.38/g)
  • February 21, 2013: $3.64/g (U.S. Average: $3.78/g)
  • February 21, 2012: $3.47/g (U.S. Average: $3.57/g)

Some current gas prices around the state:

  • Midland Odessa- $3.22/g, down 8.7 cents per gallon from last week’s $3.31/g.
  • San Antonio- $3.04/g, down 4.3 cents per gallon from last week’s $3.09/g.
  • Austin- $3.10/g, down 1.6 cents per gallon from last week’s $3.11/g.

 

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