Gas prices dip below $2 per gallon regionally


Gasoline prices in Austin have fallen 2.8 cents per gallon in the past week, averaging $1.97/g by New Year's Eve, according to GasBuddy's daily survey of 830 stations in Austin. This compares with the national average that has fallen 6.6 cents per gallon versus last week to $2.25/g, according to GasBuddy.

"As the national average price of gasoline continues to test multi-year lows, U.S. motorists are keeping over $250 million in their pocket every single day versus 80 days ago," said  Patrick DeHaan, head of petroleum analysis for GasBuddy. "The plunge has seen sub-$2 gas prices show up at over a third of all gas stations in the country while eleven states have seen average prices dip under the $2 level."

Average gasoline prices on December 31 in Austin have ranged widely over the last five years:

$2.21/g in 2017, $2.11/g in 2016, $1.76/g in 2015, $2.04/g in 2014 and $3.13/g in 2013.

Including the change locally during the past week, prices yesterday were 23.7 cents per gallon lower than a year ago and are 20.6 cents per gallon lower than a month ago. The national average has dropped 21.3 cents per gallon during the last month and stands 23.8 cents per gallon lower than a year ago.

Areas near Austin and their current gas price climate:

San Antonio- $1.85/g, down 3.9 cents per gallon from last week's $1.89/g.

Waco- $1.90/g, down 1.9 cents per gallon from last week's $1.92/g.

College Station- $1.92/g, down 5.4 cents per gallon from last week's $1.97/g.

"The most common price at gas stations in the U.S. is now $1.99 per gallon while the second most common price is just $1.89," said  DeHaan. "With the plunge perhaps continuing for another couple weeks, many motorists have been asking how long this trend will continue into 2019 — and the answer is that it's complicated but possible summer gas prices won't be anywhere near this low."