Fuel industry expert: U.S. gasoline prices could soon hit new record-highs
This weekend, the national average price of gasoline surpassed $4 per gallon in the U.S for the first time since 2008, and stands just 10 cents below the all-time record of $4.103 per gallon, according to GasBuddy, a fuel savings platform. Prices have spiked across the country due to the Russian war on Ukraine as sanctions cripple Russia’s ability to export crude oil, spiking gas prices by nearly 41 cents in the last seven days alone.
As of Friday, the weekly rise in gas prices was the second largest ever, following the rise of 49 cents per gallon during the week of September 3, 2005. Friday’s daily rise of 15.8 cents per gallon was also the second largest daily rise ever, coming close to the record of 18.1 cents per gallon set as Hurricane Katrina tore through the Gulf 17 years ago. Diesel prices, however, didn’t share the same fate as gasoline, as diesel soared to its largest daily gain ever: 22.2 cents per gallon, 6 cents higher than the previous record from 2013.
Locally, on Sunday, gas prices averaged $3.63 per gallon for regular unleaded gasoline, with prices ranging from $3.59 to $3.79. (See the chart showing all the local prices below.)
Other notable gas price milestones:
- June 8, 2008: $4/gal is seen for the first time
- July 17, 2008: All time record high is set at $4.103 per gallon
- May 12, 2021: $3/gal average seen for the first time since 2014
“This is a milestone that was hard to imagine happening so quickly, but with bipartisan support of severe sanctions on Russia, is not exactly surprising – it is the cost of choking off Russia from energy revenue,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “As Russia’s war on Ukraine continues to evolve and we head into a season where gas prices typically increase, Americans should prepare to pay more for gas than they ever have before. Shopping and paying smart at the pump will be critical well into summer.”
GasBuddy expects that gasoline prices will continue to rise in the days ahead, and could be just days away from setting a new all-time record high and continuing to rise through summer. Seasonal factors including increased demand for gas, refinery maintenance and the switch to summer blend gas, on top of current geopolitical tensions, could propel prices upward of $4.25 per gallon by Memorial Day.
GasBuddy’s revised 2022 Fuel Price Outlook provides potential ranges for average prices in the U.S. and individual states.
Weekly Gas Prices Report
Average gasoline prices in Texas have risen 44.6 cents per gallon in the last week, averaging $3.71/g today, Monday, March 7, according to GasBuddy’s survey of 13,114 stations in Texas. Prices in Texas are 61.4 cents per gallon higher than a month ago and stand $1.21/g higher than a year ago.
According to GasBuddy price reports, the lowest price in the state on Sunday was $2.69/g while the highest was $4.75/g, a difference of $2.06/g.
The national average price of gasoline has risen 46.5 cents per gallon in the last week, averaging $4.06/g today. The national average is up 61.1 cents per gallon from a month ago and stands $1.29/g 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.
“There are few words to describe the unprecedented rise in gasoline prices over the last week, with massive spikes coast to coast in both gasoline and diesel prices, as oil prices jump to their highest since 2008. Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50/gal. California could be heading for $5.50 per gallon with more stations charging $6 and beyond,” De Haan said. “We’ve never been in this situation before, with this level of uncertainty. As we lose a major global producer under the weight of deserving bipartisan sanctions for invading a sovereign country, the cost is high. Americans will be feeling the pain of the rise in prices for quite some time, with little good news foreseen.”
Historical gasoline prices in Texas and the national average going back 10 years:
- March 7, 2021: $2.50/g (U.S. Average: $2.77/g)
- March 7, 2020: $2.08/g (U.S. Average: $2.37/g)
- March 7, 2019: $2.20/g (U.S. Average: $2.46/g)
- March 7, 2018: $2.29/g (U.S. Average: $2.53/g)
- March 7, 2017: $2.10/g (U.S. Average: $2.30/g)
- March 7, 2016: $1.59/g (U.S. Average: $1.81/g)
- March 7, 2015: $2.24/g (U.S. Average: $2.46/g)
- March 7, 2014: $3.23/g (U.S. Average: $3.49/g)
- March 7, 2013: $3.57/g (U.S. Average: $3.72/g)
- March 7, 2012: $3.59/g (U.S. Average: $3.76/g)
Other gas prices around the state:
- Midland Odessa- $3.75/g, up 47.1 cents per gallon from last week’s $3.28/g.
- San Antonio- $3.61/g, up 34.9 cents per gallon from last week’s $3.26/g.
- Austin- $3.69/g, up 43.2 cents per gallon from last week’s $3.26/g.
Gas Prices in Breckenridge, Texas
| Gas Station | Regular price per gallon | Diesel price per gallon |
| Allsup's - Alon 511 W. Walker St. | 3.59 | 4.29 |
| Conoco - South (Whoa-N-Go) 411 S. Breckenridge Ave. | 3.79 | 4.59 |
| Double Six - Conoco 1602 W. Walker St. | 3.59 | 4.29 |
| Graham Y Fuel 2609 U.S. Hwy 180 E. | 3.65 | 4.35 |
| 7-11 1311 E. Walker St. | 3.59 | 3.99 |
| Valero 900 E, Walker St. | 3.59 | 4.29 |
| Walmart 3800 W. Walker St. | 3.59 | 4.29 |
| For more gas prices, click here to visit the Gas Buddy website. |
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