Houston gasoline prices continued to their downward trek last week and will remain low as oil prices bounce back slowly, according to a report from GasBuddy.
Houston drivers are paying an average of $2 per a gallon, nearly 5 cents lower than a week ago, according to GasBuddy, which surveyed prices at 2,559 stations across the city.
Prices have plunged 30 cents per a gallon in the past month and nearly 12 cents per a gallon compared to a year ago.
Nationally. gasoline prices dropped to an average $2.36 per a gallon yesterday, down 26 cents in the past month and 6 cents from a year ago. At least 31 states with at least one gas station selling gasoline under $2 per gallon
“For the 1oth straight week, gas prices have been in a state of decline, falling to the lowest level since prior to Hurricane Harvey in 2017 ,” said Patrick DeHaan, head of petroleum analysis for GasBuddy in a statement. ” “Oil prices have been slow to react to a cut in oil production from OPEC.”
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And end to falling gasoline prices could be in sight: Crude inventories are continuing to slide, which could help oil prices recover.
U.S. commercial crude inventories fell by 1.2 million barrels late last week, according the Energy Department. Overall stocks totaled 442 million barrel last Thursday, about 1 million barrel lower than where they were at the time last year.
That drop comes after 10 consecutive weeks of growing inventory that helped to push down crude prices to as cheap as $50 per a barrel, their lowest level since 2018.
Oil was trading at more than $51 a barrel in New York Monday morning.
Areas near Houston and their current gas price climate:
Austin- $2.06/g, down 3.5 cents per gallon from last week’s $2.09/g.
Waco- $1.98/g, down 3.8 cents per gallon from last week’s $2.02/g.
College Station- $2.01/g, down 4.9 cents per gallon from last week’s $2.06/g.