Interest rate cut leads to temporary increase in oil and gas prices, according to GasBuddy analyst
Average gasoline prices in Texas have risen 6.6 cents per gallon in the last week, averaging $2.73/g today, according to GasBuddy’s survey of 13,114 stations in Texas. Prices in Texas are 16.8 cents per gallon lower than a month ago and stand 61.3 cents per gallon lower than a year ago. The national average price of diesel has declined 2.1 cents in the last week and stands at $3.55 per gallon.
According to GasBuddy price reports, the cheapest station in Texas was priced at $2.03/g on Sunday, Sept. 22, while the most expensive was $3.59/g, a difference of $1.56/g.
The national average price of gasoline has risen 1.2 cents per gallon in the last week, averaging $3.16/g today. The national average is down 18.8 cents per gallon from a month ago and stands 67.4 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.
“With oil prices jumping after the U.S. Federal Reserve cut interest rates by a larger-than-expected half percent, we’ve seen some states where gas prices have inched back up, while others have continued to decline. Most of these increases should be temporary with declines returning in the days and weeks ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition, for California and areas of Nevada and western Arizona, areas that had been left out of the recent drops, refinery issues are improving and gas prices should start moving lower. While the future looks good for gas prices to continue trending lower for most in the weeks ahead, oil’s jump may mute the downside potential just a bit — for now.”
Historical gasoline prices in Texas and the national average going back 10 years:
- September 23, 2023: $3.35/g (U.S. Average: $3.83/g)
- September 23, 2022: $3.12/g (U.S. Average: $3.67/g)
- September 23, 2021: $2.83/g (U.S. Average: $3.18/g)
- September 23, 2020: $1.86/g (U.S. Average: $2.19/g)
- September 23, 2019: $2.37/g (U.S. Average: $2.66/g)
- September 23, 2018: $2.59/g (U.S. Average: $2.83/g)
- September 23, 2017: $2.44/g (U.S. Average: $2.56/g)
- September 23, 2016: $1.93/g (U.S. Average: $2.21/g)
- September 23, 2015: $2.04/g (U.S. Average: $2.28/g)
- September 23, 2014: $3.14/g (U.S. Average: $3.33/g)
Current gas prices around the state:
- Midland Odessa- $2.76/g, up 22.5 cents per gallon from last week’s $2.53/g.
- San Antonio- $2.69/g, up 19.7 cents per gallon from last week’s $2.49/g.
- Austin- $2.71/g, up 17.9 cents per gallon from last week’s $2.53/g.