Texas gas prices have fallen 12.3 cents per gallon in last week. Will the trend continue?

While pump prices haven’t exactly plummeted, the national’s motorists have seen the average price of gasoline drop in a majority of states over the last week as refineries finish maintenance and ramp up output of products like gasoline, according to Patrick De Haan.

The head of petroleum analysis at GasBuddy said with gas prices nearing a 10-cent drop to the high seen a few weeks ago, the future looks good as motorists get closer to Memorial Day.

“Price drops could potentially accelerate after last week’s jobs data shows the economy continues to cool off,” he said. “While gas prices stand slightly above where they were last year, I expect most Americans will see prices fall before the holiday weekend, and I’m optimistic the trend could extend into June and beyond. I’m excited to say it does appear that for now, the worst is behind us.”

Average gasoline prices in Texas have fallen 12.3 cents per gallon in the last week, averaging $3.14/g Monday, according to GasBuddy’s survey of 13,114 stations in Texas.

Prices in Texas are 2.8 cents per gallon lower than a month ago and stand 6.9 cents per gallon higher than a year ago.

The national average price of diesel has fallen 4.6 cents in the last week and stands at $3.90 per gallon.

According to GasBuddy price reports, the cheapest station in Texas was priced at $2.39/g Sunday while the most expensive was $4.49/g, a difference of $2.10/g.

The national average price of gasoline has fallen 3.2 cents per gallon in the last week, averaging $3.58/g today.

The national average is down 3.7 cents per gallon from a month ago and stands 6.1 cents per gallon higher 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 – $3.07/g, down 13.8 cents per gallon from last week’s $3.21/g.
• San Antonio – $3.12/g, down 16.8 cents per gallon from last week’s $3.28/g.
• Austin – $3.13/g, down 16.3 cents per gallon from last week’s $3.29/g.

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

May 13, 2023: $3.07/g (U.S. Average: $3.52/g)
May 13, 2022: $4.11/g (U.S. Average: $4.44/g)
May 13, 2021: $2.75/g (U.S. Average: $3.03/g)
May 13, 2020: $1.54/g (U.S. Average: $1.86/g)
May 13, 2019: $2.56/g (U.S. Average: $2.86/g)
May 13, 2018: $2.64/g (U.S. Average: $2.86/g)
May 13, 2017: $2.15/g (U.S. Average: $2.33/g)
May 13, 2016: $1.98/g (U.S. Average: $2.22/g)
May 13, 2015: $2.46/g (U.S. Average: $2.67/g)
May 13, 2014: $3.42/g (U.S. Average: $3.64/g)

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