The average price for a gallon of regular gasoline on Sunday stood at $2.12, down about 1.6 cents from one week ago, according to GasBuddy.com’s survey of more than 2,500 Houston-area gas stations.
The price average is about 45 cents higher than one year ago and up 11 cents from December. Houston continues to trail the national average, which also fell 2.5 cents and on Sunday was $2.34.
Rising fuel inventories and a drop in demand contributed to the weekly price decline, which is the first drop since November, GasBuddy senior petroleum analyst Patrick DeHaan said in a statement.
A price drop during this time of the year fits a historical pattern, DeHaan added. Refiners usually boost fuel supplies ahead of February maintenance.
“However, motorists shouldn’t expect the trend to last long,” he said. “After the sweetness of Valentine’s Day roses and chocolate is gone, they will be in store for a jump at the pump as maintenance season begins and the long transition to summer gasoline becomes a pinch point, leading to gas prices that will mostly trend higher for two to three months.”