Breckenridge Texan

Russian invasion of Ukraine pushes American gas prices up, according to GasBuddy expert

Russian invasion of Ukraine pushes American gas prices up, according to GasBuddy expert
February 28
07:45 2022

Average gasoline prices in Texas have risen 7.7 cents per gallon in the last week, averaging $3.26/g today, Feb. 28, according to GasBuddy’s survey of 13,114 stations in Texas. Prices in Texas are 27.6 cents per gallon higher than a month ago and stand 85.3 cents per gallon higher than a year ago.

“The Russian invasion of Ukraine has sparked high level concern that oil production could eventually be stifled, or even sanctioned, from the world’s second largest oil producer, leading to less supply as demand grows. That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition to the unstable situation with the Russian invasion, we’re also entering the time of year that seasonality pushes gasoline prices up by anywhere from 25 to 75 cents by Memorial Day. It’s simply looking like a perfect storm for motorists at the pump, with little to no relief anytime soon.”

According to GasBuddy price reports, the lowest price in the state yesterday was $2.69/g while the highest was $3.99/g, a difference of $1.30/g.

The national average price of gasoline has risen 7.5 cents per gallon in the last week, averaging $3.59/g today. The national average is up 23.2 cents per gallon from a month ago and stands 87.6 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.

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

  • February 28, 2021: $2.41/g (U.S. Average: $2.72/g)
  • February 28, 2020: $2.16/g (U.S. Average: $2.44/g)
  • February 28, 2019: $2.17/g (U.S. Average: $2.43/g)
  • February 28, 2018: $2.29/g (U.S. Average: $2.54/g)
  • February 28, 2017: $2.10/g (U.S. Average: $2.30/g)
  • February 28, 2016: $1.52/g (U.S. Average: $1.74/g)
  • February 28, 2015: $2.21/g (U.S. Average: $2.40/g)
  • February 28, 2014: $3.21/g (U.S. Average: $3.45/g)
  • February 28, 2013: $3.62/g (U.S. Average: $3.78/g)
  • February 28, 2012: $3.56/g (U.S. Average: $3.72/g)

Some current gas prices around the state:

  • Midland Odessa- $3.28/g, up 7.0 cents per gallon from last week’s $3.21/g.
  • San Antonio- $3.26/g, up 21.5 cents per gallon from last week’s $3.04/g.
  • Austin- $3.26/g, up 16.4 cents per gallon from last week’s $3.10/g.

 


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