Gas demand soars to highest level of pandemic; Texas prices feel impact
Gas prices continued to surge last week following cold weather related shutdowns in Texas, but going forward, the impact from the cold has likely run its course.
However, Patrick De Haan, head of petroleum analysis for GasBuddy, said several other factors will rise in their influence on gas prices again, including the fact that gasoline demand continues up steam.
Texas gas prices have risen 8.4 cents per gallon in the past week, averaging $2.41/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.
Gas prices in Texas are 28.6 cents per gallon higher than a month ago and stand 28.7 cents per gallon higher than a year ago.
“According to Pay with GasBuddy data, last week’s total gasoline demand soared to the highest level since the pandemic began as COVD-19 cases continue to drop and Americans are filling up more,” De Haan said.
“On the supply side, the number of oil rigs active in the U.S. stands nearly 50% lower than a year ago, which is a large factor driving prices up.”
According to GasBuddy price reports, the cheapest station in Texas is priced at $1.98/g today while the most expensive is $3.14/g, a difference of $1.16/g.
The lowest price in the state today is $1.98/g while the highest is $3.14/g, a difference of $1.16/g.
“To put it simply, demand is recovering much much faster than oil production levels, which is why oil prices have soared,” De Haan said.
“This week, OPEC will be meeting to hopefully increase oil production to temper the rise in prices, but will they increase oil production enough to match the growing appetite of a global economy that’s seen oil demand jump? We’ll have to wait and see.”
The national average price of gasoline has risen 7.5 cents per gallon in the last week, averaging $2.72/g today.
The national average is up 30.3 cents per gallon from a month ago and stands 30.6 cents per gallon higher than a year ago.
Neighboring areas and their current gas prices:
- Midland Odessa – $2.62/g, up 19.4 cents per gallon from last week’s $2.42/g.
• San Antonio – $2.33/g, up 7.3 cents per gallon from last week’s $2.26/g.
• Austin – $2.35/g, up 5.8 cents per gallon from last week’s $2.29/g.
Historical gasoline prices in Texas and the national average going back ten years:
March 1, 2020: $2.12/g (U.S. Average: $2.41/g)
March 1, 2019: $2.18/g (U.S. Average: $2.42/g)
March 1, 2018: $2.30/g (U.S. Average: $2.54/g)
March 1, 2017: $2.11/g (U.S. Average: $2.32/g)
March 1, 2016: $1.55/g (U.S. Average: $1.76/g)
March 1, 2015: $2.22/g (U.S. Average: $2.42/g)
March 1, 2014: $3.21/g (U.S. Average: $3.45/g)
March 1, 2013: $3.61/g (U.S. Average: $3.77/g)
March 1, 2012: $3.56/g (U.S. Average: $3.74/g)
March 1, 2011: $3.26/g (U.S. Average: $3.37/g)