Houston gasoline prices fell faster than national, Texas averages

Gasoline prices were up just a penny in Houston over the last week, according to price-tracking website GasBuddy.com. That was less than half the increase for the rest of the country, which saw prices rise 2.7 cents.

Over the last month, the downward trend in prices for Houston has been more dramatic, falling 13.6 cents. The national average only fell 3.1 cents in that time, a decrease that was mostly wiped out over the last week.

Patrick DeHaan, an analyst for GasBuddy, said seasonal maintenance and outages at refineries led to prices jumping across the Midwest. North Dakota, Iowa, Minnesota, Nebraska and Oklahoma all saw prices hikes, DeHaan said.

Gasoline prices in Houston, now at $2.01 per gallon have also fallen significantly faster than the rest of the state; Texas prices have only fallen a little over 6 cents in the last month. DeHaan said the average for Texas was in part swung by two cities where prices actually spiked in early October, Dallas and Fort Worth.

In Dallas, prices rose as high as $2.13 on Oct. 3 before settling to $2.08 on Monday; Fort Worth saw a similar jump in prices.

DeHaan said prices could continue to fall across the entire U.S. for the rest of the year, despite a recent rebound in the price of crude oil. West Texas Intermediate, the U.S. benchmark crude, jumped above $50 for the first time since July last week. By Monday, WTI ended trading below $48.

“I believe the rebound is somewhat of a head fake as the oil market remains oversupplied — it will be a temporary rebound, with oil and gasoline prices moving lower again in the months ahead, allowing for relief at the pump again in the months ahead,” DeHaan said in a press release. “And we’re sticking to our previous guidance — $1.98 per gallon nationally by Christmas.”

(Screengrab, via GasBuddy)
(Screengrab, via GasBuddy)