“Future looks bright for falling fuel prices.” Analyst provides outlook for prices at the pump.

The calendar has closed on May, and so too has the door closed on rising gas prices, with the national average declining to its lowest level since March.

Thankfully, gas prices are unlikely to be moved by OPEC’s meeting and agreement to extend production cuts into 2025, leading the national average to fall below $3.50 in the next week, said Patrick De Haan.

The head of petroleum analysis at GasBuddy said with GasBuddy data showing gasoline demand plummeting after Memorial Day, and refiners inputting the largest amount of oil into their facilities in years, it’s very likely motorists will continue to see gas prices fall as July 4 approaches.

“The future looks bright for falling fuel prices across the board, though we’ll have to keep our eyes on hurricane season,” De Haan said.

Average gasoline prices in Texas have fallen 4.2 cents per gallon in the last week, averaging $3.03/g Monday, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 25.4 cents per gallon lower than a month ago and stand 1.2 cents per gallon lower than a year ago.

The national average price of diesel has fallen 1.8 cents in the last week and stands at $3.82 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.43/g Sunday while the most expensive was $3.99/g, a difference of $1.56/g.

The national average price of gasoline has fallen 5.8 cents per gallon in the last week, averaging $3.50/g Monday.

The national average is down 15.9 cents per gallon from a month ago and stands 1.9 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.

Neighboring areas and their current gas prices:

• Midland Odessa – $2.88/g, down 6.4 cents per gallon from last week’s $2.95/g.
• San Antonio – $3.09/g, up 12.7 cents per gallon from last week’s $2.96/g.
• Austin – $3.13/g, up 9.3 cents per gallon from last week’s $3.03/g.

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

June 3, 2023: $3.05/g (U.S. Average: $3.52/g)
June 3, 2022: $4.48/g (U.S. Average: $4.81/g)
June 3, 2021: $2.73/g (U.S. Average: $3.04/g)
June 3, 2020: $1.65/g (U.S. Average: $1.99/g)
June 3, 2019: $2.49/g (U.S. Average: $2.80/g)
June 3, 2018: $2.74/g (U.S. Average: $2.94/g)
June 3, 2017: $2.18/g (U.S. Average: $2.37/g)
June 3, 2016: $2.13/g (U.S. Average: $2.35/g)
June 3, 2015: $2.53/g (U.S. Average: $2.76/g)
June 3, 2014: $3.45/g (U.S. Average: $3.67/g)

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