Possibility of U.S.-China trade deal could lift oil prices
Average gasoline prices in Texas have risen 3.5 cents per gallon in the last week, averaging $2.57/g today, according to GasBuddy’s survey of 13,114 stations in Texas. Prices in Texas are 10.1 cents per gallon lower than a month ago and stand 1.1 cents per gallon lower than a year ago. The national average price of diesel has increased 4.7 cents compared to a week ago and stands at $3.638 per gallon.
According to GasBuddy price reports, the cheapest station in Texas was priced at $2.09/g yesterday while the most expensive was $3.99/g, a difference of $1.90/g.
The national average price of gasoline has risen 2.5 cents per gallon in the last week, averaging $3.00/g today. The national average is down 10.8 cents per gallon from a month ago and stands 7.4 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.
“The national average saw a slight rise over the last week, as gas prices surged in parts of the Midwest after a refinery fire pushed wholesale gasoline prices sharply higher in the region,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While the spike in prices in affected areas was significant, relief is likely in the weeks ahead as the situation stabilizes. For now, the possibility of a U.S.-China trade deal could lift oil prices on optimism that it would increase trade and reduce tariffs — potentially keeping the national average slightly above the $3-per-gallon mark for a couple more weeks before slipping back below $3 ahead of Thanksgiving.”
Historical gasoline prices in Texas and the national average going back 10 years:
- October 27, 2024: $2.58/g (U.S. Average: $3.07/g)
- October 27, 2023: $2.97/g (U.S. Average: $3.47/g)
- October 27, 2022: $3.16/g (U.S. Average: $3.75/g)
- October 27, 2021: $3.05/g (U.S. Average: $3.39/g)
- October 27, 2020: $1.83/g (U.S. Average: $2.14/g)
- October 27, 2019: $2.27/g (U.S. Average: $2.58/g)
- October 27, 2018: $2.56/g (U.S. Average: $2.81/g)
- October 27, 2017: $2.24/g (U.S. Average: $2.46/g)
- October 27, 2016: $2.05/g (U.S. Average: $2.22/g)
- October 27, 2015: $1.94/g (U.S. Average: $2.19/g)
Current gas prices around the state:
- Midland Odessa- $2.48/g, down 19.8 cents per gallon from last week’s $2.68/g.
- San Antonio- $2.57/g, up 11.7 cents per gallon from last week’s $2.45/g.
- Austin- $2.58/g, up 13.2 cents per gallon from last week’s $2.45/g.
