Weekly gas pricing update: Jan 25

January 25- Average retail gasoline prices in Texas have fallen 5.5 cents per gallon in the past week, averaging $1.61/g yesterday, according to GasBuddy's daily survey of 13,114 gas outlets in Texas. This compares with the national average that has fallen 6.5 cents per gallon in the last week to $1.82/g, according to gasoline price website GasBuddy.com.

Areas nearby Texas and their current gas price climate:
Midland Odessa- $1.67/g, down 2.1 cents per gallon from last week's $1.70/g.
San Antonio- $1.60/g, down 4.4 cents per gallon from last week's $1.64/g.
Austin- $1.63/g, down 4.0 cents per gallon from last week's $1.67/g.

Including the change in gas prices in Texas during the past week, prices yesterday were 22.0 cents per gallon lower than the same day one year ago and are 15.2 cents per gallon lower than a month ago. The national average has decreased 17.5 cents per gallon during the last month and stands 20.0 cents per gallon lower than this day one year ago.

“As the Northeast digs out from the brutal blizzard Jonas, commodities markets are attempting to dig themselves out of their recent hole," said Will Speer, a GasBuddy senior petroleum analyst. "Crude oil futures have lost 18% of value since the end of 2015 and have cleared the way for the retail gasoline price decline. Ample supply has been attributed as the cause of prices falling at the pump. Gasoline inventories sitting at 245 million barrels are the highest the U.S. has seen since March 1990,” he said.

For LIVE fuel price averages, visit http://media.gasbuddy.com.

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