Gas prices drop steeply


Gasoline prices in Austin have fallen 6.6 cents per gallon in the past week, averaging $2.38/g on Monday, Nov. 12, according to GasBuddy's daily survey of 830 stations in Austin. This compares with the national average that has fallen 5.9 cents per gallon versus last week to $2.67/g, according to GasBuddy.

Average gasoline prices on November 12 in Austin have ranged widely over the last five years: $2.26/g in 2017, $1.96/g in 2016, $1.99/g in 2015, $2.70/g in 2014 and $2.96/g in 2013.

Including the change locally during the past week, prices yesterday were 12.1 cents per gallon higher than a year ago and are 24.7 cents per gallon lower than a month ago. The national average has dropped 22.1 cents per gallon during the last month and stands 12.2 cents per gallon higher than a year ago.

Areas near Austin and their current gas price climate:

San Antonio- $2.29/g, down 6.6 cents per gallon from last week's $2.35/g.

Waco- $2.32/g, down 6.9 cents per gallon from last week's $2.39/g.

College Station- $2.38/g, down 6.5 cents per gallon from last week's $2.45/g.

"The last week has seen another notable decline at pumps in nearly every state with average prices again plummeting, in some places to $1.99 per gallon or less, following oil's longest losing streak in nearly 34 years," said Patrick DeHaan, head of petroleum analysis for GasBuddy.

"Every single day, Americans are spending nearly $100 million less than just 30 days ago — a significant and impressive feat as the national average gas price has shed over 20 cents per gallon over the last month," said DeHaan. "Oil's demise has partially been due to the U.S. issuing waivers to countries buying crude oil from Iran, making sanctions moot.

OPEC agreed to increase production to soften the potential blow from the Nov. 4 re-imposition of sanctions but may again cut production to the the move by Trump to allow temporary waivers.

"The plummet at the pump may continue for now, but all eyes will be on OPEC to see what move they make to pump oil prices back up," said DeHaan.