Petroleum analyst: Concerns over banking system led to lower gas prices
Average gasoline prices in Texas have fallen 7.0 cents per gallon in the last week, averaging $3.00/g today, according to GasBuddy’s survey of 13,114 stations in Texas. Prices in Texas are 4.0 cents per gallon higher than a month ago and stand 90.2 cents per gallon lower than a year ago. The national average price of diesel has fallen 5.6 cents in the last week and stands at $4.25 per gallon.
According to GasBuddy price reports, the cheapest station in Texas was priced at $2.59/g yesterday while the most expensive was $4.17/g, a difference of $1.58/g.
The national average price of gasoline has fallen 4.2 cents per gallon in the last week, averaging $3.40/g today. The national average is up 4.3 cents per gallon from a month ago and stands 82.9 cents per gallon lower 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.
“The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week. But, it may be temporary in nature, and is unlikely to be a long lasting trend,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While California and areas of the West Coast saw some moderation in price, supply challenges amidst the transition to summer gasoline have led to sharp price increases in Arizona, and other markets saw varying impacts at the gas pump over the last week. Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check. Overall, there are a lot of possibilities.”
Historical gasoline prices in Texas and the national average going back 10 years:
- March 20, 2022: $3.90/g (U.S. Average: $4.23/g)
- March 20, 2021: $2.64/g (U.S. Average: $2.88/g)
- March 20, 2020: $1.89/g (U.S. Average: $2.11/g)
- March 20, 2019: $2.36/g (U.S. Average: $2.60/g)
- March 20, 2018: $2.32/g (U.S. Average: $2.56/g)
- March 20, 2017: $2.07/g (U.S. Average: $2.29/g)
- March 20, 2016: $1.82/g (U.S. Average: $1.98/g)
- March 20, 2015: $2.22/g (U.S. Average: $2.43/g)
- March 20, 2014: $3.34/g (U.S. Average: $3.53/g)
- March 20, 2013: $3.56/g (U.S. Average: $3.70/g)
Gas prices around the state:
- Midland Odessa- $3.01/g, down 9.2 cents per gallon from last week’s $3.11/g.
- San Antonio- $3.01/g, down 11.0 cents per gallon from last week’s $3.12/g.
- Austin- $3.04/g, down 5.9 cents per gallon from last week’s $3.10/g.
Help support the Breckenridge Texan’s local news coverage mission
The Breckenridge Texan, a non-profit news outlet serving Breckenridge and Stephens County, Texas, has launched its annual NewsMatch fundraising campaign, running through Dec. 31, 2024.
As a non-profit news outlet, the Breckenridge Texan depends on donations, in addition to ad sales, to fund daily operations, including website costs, freelance writers, and basic office expenses. The organization aims to raise $4,000, which could be tripled to $12,000 through various matching programs, including the NewsMatch program and the Rural Partner Fund, which is supported by several major foundations.
Founded in 2017 by journalists Tony Pilkington and Carla McKeown, the Breckenridge Texan provides daily local news coverage, weekly newsletters, photo galleries, a community calendar, and obituaries. The outlet serves both local residents and people outside the community seeking information about Breckenridge and Stephens County, including potential new residents and businesses. They chose the non-profit structure to maintain local control of news coverage while minimizing the financial burden on the community.
In addition to regular news coverage, the Breckenridge Texan also offers:
A weekly newsletter that delivers a roundup of recent stories via email every Monday
Photo galleries from local events
A Calendar of Events, which lists upcoming community activities
Local obituaries
And more
Donations can be made through the Breckenridge Texan website’s donate page, the NewsMatch campaign page, or by mail to Breckenridge Texan, P.O. Box 1228, Breckenridge, Texas 76424. The organization operates under the fiscal sponsorship of the Institute for Nonprofit News (INN), which is the name that will appear on donation billing statements.
If you believe local news is important and love the work we’re doing, please contribute today!
Click here to make a donation.
Thank for your support.
Make a donation