Average retail gasoline prices in Texas have fallen 2.4 cents per gallon in the past week, averaging $2.34/g yesterday, according to GasBuddy's daily survey of 13,114 gas outlets in Texas. This compares with the national average that has fallen 3.5 cents per gallon in the last week to $2.57/g, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Texas during the past week, prices yesterday were 26.1 cents per gallon higher than the same day one year ago and are 6.7 cents per gallon higher than a month ago. The national average has increased 3.7 cents per gallon during the last month and stands 29.4 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on February 12 in Texas have ranged widely over the last five years:
$2.08/g in 2017, $1.51/g in 2016, $2.06/g in 2015, $3.12/g in 2014 and $3.41/g in 2013.
Areas near Texas and their current gas price climate:
Midland Odessa- $2.50/g, flat from last week's $2.50/g.
San Antonio- $2.26/g, down 3.2 cents per gallon from last week's $2.29/g.
Austin- $2.31/g, down 2.5 cents per gallon from last week's $2.33/g.
"The wait is over - 2018's first weekly drop at gas pumps has arrived with the national average losing ground in the last week. As the Dow Jones average swung violently, oil prices lost considerable ground, falling below $60 per barrel for the first time this year. In addition, a weekly report from the government showed a trifecta of inventory increases: crude oil, gasoline and distillate inventories all gained, pushing wholesale gasoline prices down and paving the way for gas prices to cool off," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "These factors have opened the door for perhaps a brief window of relief at the pump that may last for several weeks. I'd expect most places would see gas prices decline in the week ahead as a direct result. But don't get too giddy- there are still some gray clouds on the horizon."
For LIVE fuel price averages, visit http://FuelInsights.GasBuddy.com.