Houston drivers are seeing some of the lowest gas prices in years, with several stations dropping close to pre-pandemic levels, according to a new GasBuddy survey released Monday.
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Gas prices across Houston continued to decline this week, with at least one station posting $2.29 per gallon, the lowest seen since the early pandemic years, according to data from GasBuddy, which surveyed more than 2,500 local stations.
In a recent update, Houston's average price for regular gasoline has decreased by 1.5 cents, settling at $2.59 per gallon, according to GasBuddy. This reflects a decline of 4.1 cents compared to the same time last year and a reduction of 7.3 cents from the previous month.
In a noteworthy development, diesel prices have declined by 3.5 cents, marking their lowest level in several months. Patrick De Haan, GasBuddy’s head of petroleum analysis, indicated that Americans are on the verge of witnessing the national average fall below $3 per gallon for the first time in years.
States like Texas, Oklahoma, and Wisconsin may soon approach the $2 mark, a level not observed since the lockdowns of 2020. The downturn signifies a broader trend across the country, influenced by a decline in global demand, increased refinery activity, and stable crude oil production levels.
Recent data from the AAA and the U.S. Energy Information Administration reveal that U.S. crude inventories are currently exceeding seasonal averages, contributing to the stabilization of oil prices.
Houston’s commuters, known for enduring some of the longest drives in the country, are experiencing a much-needed reprieve as current gas prices near the lows seen during the pandemic, when the average was $1.77 per gallon.
GasBuddy data projects Houston's average gas price to reach $2.63 in 2024. This marks a decrease from $3.07 in 2023, $3.21 in 2022, $2.85 in 2021, and $1.77 in 2020.
Experts predict that the decline will persist into October, driven by a decrease in demand and the conclusion of refinery maintenance. However, De Haan warned that geopolitical tensions or fluctuations in the crude market could potentially alter this trajectory.
Currently, drivers in Houston are experiencing some of the lowest fuel prices in the country, reminiscent of the rates seen before the pandemic.
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