Breckenridge Texan

OPEC+ production cut leads to higher gas prices in Texas, U.S.

OPEC+ production cut leads to higher gas prices in Texas, U.S.
October 10
17:16 2022

Average gasoline prices in Texas have risen 19.0 cents per gallon in the last week, averaging $3.24/g today, according to GasBuddy’s survey of 13,114 stations in Texas. Prices in Texas are 12.2 cents per gallon higher than a month ago and stand 34.0 cents per gallon higher than a year ago. The national average price of diesel has increased 18.0 cents in the last week and stands at $5.04 per gallon.

According to GasBuddy price reports, the lowest price in Texas on Sunday was $2.59/g while the highest was $5.79/g, a difference of $3.20/g.

The national average price of gasoline has risen 13.8 cents per gallon in the last week, averaging $3.92/g today. The national average is up 22.5 cents per gallon from a month ago and stands 67.0 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.

“With OPEC+ deciding to cut oil production by two million barrels a day, we’ve seen oil prices surge 20%, which is the primary factor in the national average rising for the third straight week,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Some of the refinery snags that have caused prices to surge in the West and Great Lakes appear to be improving, with prices in those two regions likely to inch down, even with OPEC’s decision, as the drop in wholesale prices has offset the rise due to the production cut. But where gas prices didn’t jump because of refinery issues, they will rise a total of 10-30 cents due to oil’s rise, and some areas are certainly seeing the jump already. For now, I don’t expect much improvement in prices for most of the country, with California and the Great Lakes as the exception, with downdrafts likely in the days and weeks ahead.”

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

  • October 10, 2021: $2.90/g (U.S. Average: $3.25/g)
  • October 10, 2020: $1.86/g (U.S. Average: $2.18/g)
  • October 10, 2019: $2.30/g (U.S. Average: $2.64/g)
  • October 10, 2018: $2.67/g (U.S. Average: $2.91/g)
  • October 10, 2017: $2.33/g (U.S. Average: $2.46/g)
  • October 10, 2016: $2.01/g (U.S. Average: $2.25/g)
  • October 10, 2015: $2.05/g (U.S. Average: $2.32/g)
  • October 10, 2014: $3.06/g (U.S. Average: $3.23/g)
  • October 10, 2013: $3.08/g (U.S. Average: $3.34/g)
  • October 10, 2012: $3.54/g (U.S. Average: $3.81/g)

Neighboring areas and their current gas prices:

  • Midland Odessa- $3.37/g, up 27.4 cents per gallon from last week’s $3.09/g.
  • San Antonio- $3.15/g, up 14.1 cents per gallon from last week’s $3.01/g.
  • Austin- $3.23/g, up 9.4 cents per gallon from last week’s $3.14/g.

 


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