Breckenridge Texan

Pace of gas price decline slows down as oil prices increase

Pace of gas price decline slows down as oil prices increase
August 22
07:06 2022

Average gasoline prices in Texas have fallen 1.2 cents per gallon in the last week, averaging $3.40/g today, according to GasBuddy’s survey of 13,114 stations in Texas. Prices in Texas are 46.3 cents per gallon lower than a month ago and stand 58.7 cents per gallon higher than a year ago. The national average price of diesel has declined 6.3 cents in the last week and stands at $4.97 per gallon.

“While some areas saw gas prices rise slightly last week, the national average saw yet another weekly decline, extending the streak to ten straight weeks. The pace of declines is certainly slowing down as oil prices have bounced up slightly, but the West Coast and Northeastern U.S. are areas that still may see gas prices decline, while the South and Midwest see the drop fade and potentially slight increases,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition to falling gasoline prices, the average price of diesel has fallen below $5 per gallon for the first time since March, likely helping to cool off aggressive inflation numbers. Thus far, Mother Nature has spared us from disruptions from hurricanes, but that remains a wildcard as we head into the peak of hurricane season.”

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.96/g yesterday while the most expensive was $4.87/g, a difference of $1.91/g. The lowest price in the state yesterday was $2.96/g while the highest was $4.87/g, a difference of $1.91/g.

The national average price of gasoline has fallen 5.1 cents per gallon in the last week, averaging $3.86/g today. The national average is down 51.3 cents per gallon from a month ago and stands 72.2 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:

  • August 22, 2021: $2.81/g (U.S. Average: $3.14/g)
  • August 22, 2020: $1.87/g (U.S. Average: $2.18/g)
  • August 22, 2019: $2.34/g (U.S. Average: $2.60/g)
  • August 22, 2018: $2.60/g (U.S. Average: $2.82/g)
  • August 22, 2017: $2.13/g (U.S. Average: $2.34/g)
  • August 22, 2016: $1.99/g (U.S. Average: $2.17/g)
  • August 22, 2015: $2.33/g (U.S. Average: $2.62/g)
  • August 22, 2014: $3.26/g (U.S. Average: $3.43/g)
  • August 22, 2013: $3.40/g (U.S. Average: $3.52/g)

Gas prices from around the state:

  • Midland Odessa- $3.47/g, down 9.1 cents per gallon from last week’s $3.56/g.
  • San Antonio- $3.29/g, down 7.1 cents per gallon from last week’s $3.36/g.
  • Austin- $3.39/g, down 7.3 cents per gallon from last week’s $3.46/g.

 


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