Breckenridge Texan

Seasonality drives gas prices, not politicians, according to GasBuddy analyst

Seasonality drives gas prices, not politicians, according to GasBuddy analyst
October 24
07:37 2022

Average gasoline prices in Texas have fallen 8.6 cents per gallon in the last week, averaging $3.17/g today, according to GasBuddy’s survey of 13,114 stations in Texas. Prices in Texas are 7.0 cents per gallon higher than a month ago and stand 13.8 cents per gallon higher than a year ago. The national average price of diesel has risen 4.0 cents in the last week and stands at $5.30 per gallon.

“Average gas prices have declined for the second straight week with significant declines in the West and Great Lakes having an oversized effect on the drop in the national average,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With oil prices struggling a bit after reaching $93 after OPEC+’s decision to cut production, many regions could see falling gas prices again this week as demand continues to decline seasonally, especially if more data points to a significant economic slowdown. While gasoline prices have seen a large drop, diesel prices have been somewhat mixed, with prices heading higher in the Northeast as inventories drop to extremely tight levels ahead of the heating oil season. Motorists are reminded that the decline in gasoline prices is seasonal and should continue into the fall, and is unrelated to the coming election. Seasonality is king in driving prices, not the desires or hopes of politicians.”

According to GasBuddy price reports, the lowest price in the state yesterday was $1.37/g while the highest was $4.49/g, a difference of $3.12/g.

The national average price of gasoline has fallen 9.3 cents per gallon in the last week, averaging $3.77/g today. The national average is up 10.2 cents per gallon from a month ago and stands 41.2 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:

  • October 24, 2021: $3.03/g (U.S. Average: $3.36/g)
  • October 24, 2020: $1.84/g (U.S. Average: $2.15/g)
  • October 24, 2019: $2.27/g (U.S. Average: $2.61/g)
  • October 24, 2018: $2.59/g (U.S. Average: $2.84/g)
  • October 24, 2017: $2.25/g (U.S. Average: $2.45/g)
  • October 24, 2016: $2.05/g (U.S. Average: $2.22/g)
  • October 24, 2015: $1.95/g (U.S. Average: $2.20/g)
  • October 24, 2014: $2.85/g (U.S. Average: $3.06/g)
  • October 24, 2013: $3.07/g (U.S. Average: $3.31/g)
  • October 24, 2012: $3.40/g (U.S. Average: $3.62/g)

Current gas prices around the state:

  • Midland Odessa- $3.30/g, down 3.4 cents per gallon from last week’s $3.34/g.
  • San Antonio- $3.06/g, down 6.7 cents per gallon from last week’s $3.13/g.
  • Austin- $3.15/g, down 5.8 cents per gallon from last week’s $3.21/g.

 

 


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