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Energy Report: 

June 15th, 2017 under Community

Average retail gasoline prices in Texas fell 2.8 cents per gallon in the past week, averaging $2.15 per gallon yesterday, according to fuel analysis website GasBuddy. This compares with the national average that has fallen 4.0 cents per gallon in the last week to $2.33 per gallon, which some news outlets are reporting as the lowest prices seen snice 2005.

Including the change in gas prices in Texas during the past week, prices yesterday were 1.1 cents per gallon higher than the same day one year ago and are 0.5 cents per gallon lower than a month ago. The national average has decreased 0.7 cents per gallon during the last month and stands 5.8 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on June 12 in Texas have ranged widely over the last five years:

$2.14/g in 2016, $2.59/g in 2015, $3.43/g in 2014, $3.39/g in 2013 and $3.33/g in 2012.

“While the national average fell 5 cents per gallon in the last week, the bigger story is that 47 states saw average gas prices move lower in the last week, so this isn’t just a here and there trend, it’s almost everywhere,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.

“Oil prices remain near 6-month lows as fundamentals remain weak- supply remains high even in light of production cuts from OPEC while demand has been mild, not remarkable. Today’s national average price for gasoline is the lowest for mid-June since 2005- not an easy record to attain. By all measures, gasoline prices this year have been exactly what most motorists seem to love- stable and cheap, two words that rarely have been synonymous with gas prices over the last decade. While many motorists are lured in to that false sense of security, smart motorists continue to shop around and find the best deal as the gas price spread between stations hits record levels, providing enough savings to pay for a snack or food item inside the station,” DeHaan said.

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