Breckenridge Texan

Price of oil, hurricanes could lead to higher gas prices

Price of oil, hurricanes could lead to higher gas prices
July 01
09:16 2024

Average gasoline prices in Texas have risen 5.9 cents per gallon in the last week, averaging $3.09/g today, according to GasBuddy’s survey of 13,114 stations in Texas. Prices in Texas are 4.7 cents per gallon higher than a month ago and stand 3.7 cents per gallon lower than a year ago. The national average price of diesel has risen 1.4 cents in the last week and stands at $3.77 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.43/g yesterday while the most expensive was $4.05/g, a difference of $1.62/g.

The national average price of gasoline has risen 5.0 cents per gallon in the last week, averaging $3.46/g today. The national average is down 6.0 cents per gallon from a month ago and stands 5.4 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.

“As we approach July 4 later this week, motorists have seen the national average price of gasoline inch up ever so slightly for the third straight week,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While the increases have been fairly tame, with oil continuing to hold above $80 per barrel, we could continue to see the national average climb slightly. Other areas that see price cycling saw prices shoot up early in the week, but those areas are now starting to see prices fall back down. For many Americans hitting the road for the July 4 holiday, prices in most areas are very comparable to what we saw last July 4. However, with Hurricane Beryl now formed in the Caribbean, we’re reminded that gas prices could experience some jolts in the second half of the summer should a storm threaten refining capacity in Texas or Louisiana.”

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

  • July 1, 2023: $3.13/g (U.S. Average: $3.52/g)
  • July 1, 2022: $4.43/g (U.S. Average: $4.83/g)
  • July 1, 2021: $2.81/g (U.S. Average: $3.12/g)
  • July 1, 2020: $1.88/g (U.S. Average: $2.18/g)
  • July 1, 2019: $2.43/g (U.S. Average: $2.72/g)
  • July 1, 2018: $2.65/g (U.S. Average: $2.84/g)
  • July 1, 2017: $2.03/g (U.S. Average: $2.23/g)
  • July 1, 2016: $2.10/g (U.S. Average: $2.27/g)
  • July 1, 2015: $2.56/g (U.S. Average: $2.76/g)
  • July 1, 2014: $3.49/g (U.S. Average: $3.67/g)

Current gas prices around the state:

  • Midland Odessa- $2.94/g, down 1.3 cents per gallon from last week’s $2.95/g.
  • San Antonio- $3.10/g, up 3.7 cents per gallon from last week’s $3.07/g.
  • Austin- $3.12/g, up 3.8 cents per gallon from last week’s $3.08/g.

 

 

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