Average gasoline prices in Austin have fallen 2.7 cents per gallon in the last week, averaging $3.21/g today, according to GasBuddy’s survey of 830 stations in Austin. Prices in Austin are 4.1 cents per gallon higher than a month ago and stand 32.1 cents per gallon higher than a year ago. The national average price of diesel has increased 18.7 cents in the last week and stands at $5.06 per gallon.
“After a sharp rise in the national average over the last few weeks, we’ve seen an abrupt, yet expected decline as refinery issues have eased in the West and Great Lakes, overpowering some increases elsewhere. Though at the same time, diesel prices have soared,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “We’ll see a continued sharp drop in gas prices on the West Coast, including areas like Las Vegas and Phoenix, which are supplied by refiners in California, as refinery outages have been addressed. The Great Lakes will see prices drift lower as BP’s Whiting refinery is soon to complete maintenance. In addition, oil prices have cooled off slightly after OPEC+’s decision to cut production, and that should slow increases elsewhere. Diesel and heating oil prices are likely to continue to rise as extremely low inventories of middle of the barrel products like these two push prices higher.”
The national average price of gasoline has fallen 5.4 cents per gallon in the last week, averaging $3.86/g today. The national average is up 20.6 cents per gallon from a month ago and stands 56.6 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.
