GAS PRICES

Gas prices continue decline

Posted

Austin gas prices dropped another 5.1 cents per gallon in the past week, averaging $2.36/g on Monday, according to GasBuddy's daily survey of 830 stations. Gas prices in Austin were 13.6 cents per gallon lower than a month ago and 32.5 cents lower than a year ago.

"Last week saw a feat most motorists probably thought they'd never see in June- average gasoline prices declined in nearly every state across the country with the national average now at its lowest point since early April," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "The fall has come amidst a deep drop in oil prices set in to play on worries that tariffs could slow economic growth, reducing oil demand." 

According to GasBuddy price reports, the cheapest station in Austin was priced at $1.99/g Monday, while the most expensive was $2.89/g — a difference of 90.0 cents per gallon. The lowest price in the state was $1.98/g while the highest was $3.32/g — a difference of $1.34/g.

The cheapest price in the entire country Monday was $1.97/g while the most expensive was $5.19/g — a difference of $3.22/g. 

"The decline at the pump is likely to continue but may slow down in a few couple weeks as President Trump made a deal with Mexico over the weekend to avoid tariffs," DeHaan said. "With gasoline inventories also growing in most areas of the country, the transition to summer gasoline complete, motorists will continue to see prices moving lower as the summer driving season gets underway. We're likely to see more good news at the pump than bad for the foreseeable future."

Comments