Average retail gasoline prices in Texas have fallen 2 cents per gallon in the past week, averaging $2.08 a gallon Sunday, according to GasBuddy’s daily survey of 13,114 gas outlets in Texas.
This compares with the national average that has fallen 1.3 cents per gallon in the last week to $2.29 per gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Texas during the past week, prices Sunday were 34 cents per gallon higher than the same day one year ago and are unchanged vs. a month ago.
The national average has increased 1.5 cents per gallon during the last month and stands 36.1 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on March 13 in Texas have ranged widely over the last five years: $1.74 per gallon in 2016, $2.24 per gallon in 2015, $3.25 per gallon in 2014, $3.54 per gallon in 2013 and $3.67 per gallon in 2012.
Areas near Texas and their current gas price climate:
Midland-Odessa — $2.13 per gallon, down 2.3 cents per gallon from last week’s $2.15 per gallon.
San Antonio — $2.03 per gallon, down 0.5 cents per gallon from last week’s $2.03 per gallon.
Austin — $2.07 per gallon, down 0.9 cents per gallon from last week’s $2.08 per gallon.
“A sudden plunge in the price of oil is likely to weigh on gas prices, at least temporarily,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “With little warning or expectation, crude oil last week broke out of the rut it had well established, with crude prices falling out of a three-month range of $51-$54 per barrel to $49. Fundamentals of oil have weakened, and with last week’s large 8.2-million-barrel rise in crude oil inventories, the market has turned decidedly bearish.” for now.
“Naturally, when oil prices take a beating such as they did last week, one might expect gasoline prices to move in lockstep, but due the complex relationship of oil and gasoline prices and the middleman — U.S. refineries — motorists may not see as large a decline at the pump as they may hope for, but, certainly, stay tuned,” he added.