Gasoline prices in Austin dropped 2.5 cents per gallon over the last week, averaging $1.96/g on Sunday, according to GasBuddy's daily survey of 830 stations in Austin. This compares with the national average that has fallen 0.8 cents per gallon versus last week to $2.25/g, according to GasBuddy.
"While oil prices have risen to their highest in months on the instability in Venezuela's political situation, gasoline demand has remained weak and supply strong, thus keeping increases firmly in check," said Patrick DeHaan, head of petroleum analysis for GasBuddy.
Average gasoline prices on February 4 in Austin have ranged widely over the last five years:
$2.33/g in 2018, $2.05/g in 2017, $1.59/g in 2016, $1.89/g in 2015 and $3.05/g in 2014.
Including the change locally during the past week, prices yesterday were 37.7 cents per gallon lower than a year ago and are 1 cent per gallon higher than a month ago. The national average has increased 1.1 cents per gallon during the last month and stands 34.6 cents per gallon lower than a year ago.
Areas near Austin and their current gas price climate:
San Antonio- $1.90/g, down 3.6 cents per gallon from last week's $1.94/g.
Waco- $1.92/g, down 2.7 cents per gallon from last week's $1.95/g.
College Station- $1.98/g, down 2.1 cents per gallon from last week's $2.00/g.
"As the record gasoline supply continues to overshadow markets ahead of the road to summer gasoline, any updrafts at the pump will be small and limited for now, but once the transition begins, the supply overhang will be drawn down in short order as refiners liquidate winter gasoline, ushering in eventually higher prices come late-February and early March," said DeHaan.