Gasoline Prices Near Highest Level Since Last October, Could Rise Further Before Labor Day
Gasoline prices in the United States are reaching their highest levels since last October and could continue to rise as Labor Day approaches. The national average price of gasoline currently stands at $3.84 per gallon, just a dime shy of surpassing last year’s levels. Experts predict that the price could climb even higher in the coming weeks due to ongoing pressure on oil prices resulting from recent OPEC+ production cuts.
Patrick De Haan, Head of Petroleum Analysis at GasBuddy, expressed concerns about the upcoming August consumer price index (CPI) data, stating that it won’t be as favorable as the July data. Gasoline prices stand just over a dime away from rising back above their year ago level – something that is definitely possible by the closing summer holiday, De Haan said. He added that motorists should expect a mixed bag of price changes at the pump, with some states experiencing slight decreases while others see prices go up.
However, there is some relief for drivers in Texas, where gasoline prices have fallen by an average of 4.1 cents per gallon in the last week. The current average price in Texas is $3.41 per gallon, which is 25.9 cents higher than a month ago but unchanged compared to last year. In contrast, the national average price of diesel has risen significantly by 12.3 cents per gallon in just one week, reaching $4.27 per gallon.
GasBuddy’s survey of over 13,000 stations in Texas revealed that the cheapest gas station in the state was priced at $2.71 per gallon, while the most expensive one stood at $4.49 per gallon. These price fluctuations demonstrate the varying levels of affordability across different regions.
On a national level, the average price of gasoline has increased by 2.5 cents per gallon in the past week, averaging at $3.82 per gallon. This represents a 29.1 cents per gallon increase from a month ago, but is still 9.6 cents lower than the same period last year. The data, collected from over 11 million weekly reports covering more than 150,000 gas stations across the country, highlights the overall upward trend in gasoline prices.
Looking at neighboring areas in Texas, Midland Odessa currently has an average price of $3.39 per gallon, experiencing a slight decrease of 0.9 cents from the previous week. San Antonio’s average price stands at $3.30 per gallon, reflecting a more significant decrease of 4.4 cents per gallon. Meanwhile, Austin’s average price has decreased by 2.5 cents per gallon to $3.39.
In conclusion, gasoline prices in the United States are hovering near their highest levels since last October and could continue to rise as Labor Day approaches. Factors such as ongoing OPEC+ production cuts are putting pressure on oil prices, which leads to higher gasoline costs. While Texas has seen some relief with slight decreases in prices, the national average shows a steady increase. Motorists should prepare for potential fluctuations in gasoline prices in the weeks ahead.
