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West Texas Intermediate crude oil surpasses $80 per barrel

Last week saw oil prices advance to the highest in seven years, with a barrel of West Texas Intermediate crude oil surpassing the critical $80 per barrel level.

“The nation’s gas prices were also pushed to their highest since 2014, all on OPEC’s decision not to raise production more than it already agreed to in July,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

Texas gas prices have risen 6.8 cents per gallon in the past week, averaging $2.90/g today, according to GasBuddy’s daily survey of 13,114 stations in Texas.

Gas prices in Texas are 8.3 cents per gallon higher than a month ago and stand $1.04/g higher than a year ago.
According to GasBuddy price reports, the cheapest station in Texas is priced at $2.59/g Monday while the most expensive is $3.60/g, a difference of $1.01/g.

The lowest price in the state Monday is $2.59/g while the highest is $3.60/g, a difference of $1.01/g.

“The OPEC decision caused an immediate reaction in oil prices, and amidst what is turning into a global energy crunch, motorists are now spending over $400 million more on gasoline every single day than they were just a year ago,” De Haan said.

“The problems continue to relate to a surge in demand as the global economy recovers, combined with deep cuts to production from early in the pandemic. If Americans can’t slow their appetite for fuels, we’ve got no place for prices to go but up.”

The national average price of gasoline has risen 5.2 cents per gallon in the last week, averaging $3.25/g today.

The national average is up 7.5 cents per gallon from a month ago and stands $1.08/g higher than a year ago.

Historical gasoline prices in Texas and the national average going back ten years:

October 11, 2020: $1.87/g (U.S. Average: $2.16/g)
October 11, 2019: $2.30/g (U.S. Average: $2.64/g)
October 11, 2018: $2.67/g (U.S. Average: $2.90/g)
October 11, 2017: $2.32/g (U.S. Average: $2.47/g)
October 11, 2016: $2.01/g (U.S. Average: $2.25/g)
October 11, 2015: $2.05/g (U.S. Average: $2.31/g)
October 11, 2014: $3.04/g (U.S. Average: $3.21/g)
October 11, 2013: $3.08/g (U.S. Average: $3.33/g)
October 11, 2012: $3.54/g (U.S. Average: $3.81/g)
October 11, 2011: $3.21/g (U.S. Average: $3.39/g)

Neighboring areas and their current gas prices:

Midland Odessa – $3.00/g, up 2.4 cents per gallon from last week’s $2.98/g.
San Antonio – $2.81/g, up 7.6 cents per gallon from last week’s $2.73/g.
Austin – $2.85/g, up 6.4 cents per gallon from last week’s $2.79/g.