Average retail gasoline prices in Texas have risen 5.6 cents per gallon in the past week, averaging $2.64/g yesterday, according to GasBuddy's daily survey of 13,114 gas outlets in Texas. This compares with the national average that has increased 5.7 cents per gallon in the last week to $2.86/g, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Texas during the past week, prices yesterday were 48.7 cents per gallon higher than the same day one year ago and are 16.3 cents per gallon higher than a month ago. The national average has increased 15.4 cents per gallon during the last month and stands 53.8 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on May 14 in Texas have ranged widely over the last five years:
$2.15/g in 2017, $1.98/g in 2016, $2.47/g in 2015, $3.42/g in 2014 and $3.39/g in 2013.
Areas near Texas and their current gas price climate:
Midland Odessa- $2.90/g, up 5.2 cents per gallon from last week's $2.85/g.
San Antonio- $2.56/g, up 6.4 cents per gallon from last week's $2.50/g.
Austin- $2.61/g, up 5.4 cents per gallon from last week's $2.55/g.
"Gas prices saw among the larger weekly increases since Hurricane Harvey in the last week as oil prices continued to surge, leading to sharply higher prices at the pump, putting the U.S. in peril of striking the $3/gallon level for the first time since 2014," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "Some of the factors at play in the rising prices: President Trump's U.S. withdraw from the nuclear deal with Iran and oil supplies that have continued to drop as U.S. exports surpass Venezuela- a surprising feat given Venezuela has the largest proven oil reserves in the world. In addition, as money continues to flow into commodities as bets for higher oil prices rise, there's a strong chance of seeing crude oil prices continue to rally in the weeks ahead, with odds of hitting $3/gallon nationally now better than 65% just in time for the summer driving season."
For LIVE fuel price averages, visit http://FuelInsights.GasBuddy.com.