Amarillo Gas Prices Falling Faster Than National Average; Average $2.28/g

Amarillo's average retail gas prices fell again 4.4 cents per gallon in the past week, averaging $2.28/g yesterday, according to GasBuddy's daily survey of 147 gas outlets in Amarillo. 

This compares with the national average that has fallen 3.5 cents per gallon in the last week to $2.46/g, according to gasoline price website 

"With OPEC deciding last week to extend last year's agreement on oil production cuts, the future for gasoline prices isn't as rosy," said Patrick DeHaan, head of petroleum analysis for GasBuddy. 

Amarillo gas prices are now 31.3 cents per gallon higher than the same day one year ago and are 10.8 cents per gallon lower than a month ago. The national average has decreased 6.4 cents per gallon during the last month and stands 28.4 cents per gallon higher than this day one year ago.

"While the short term may feature more modest price decreases is many areas, as we set our sights on the months ahead, 2018 is starting to look ominous as a result of OPEC's extension. U.S. oil inventories are already 100 million barrels lower than where they were last year as a result of the belt tightening, leading 2017's yearly average gas price to close out at the highest since 2014. Motorists should enjoy the falling prices now because it's likely that prices may again rise approaching the New Year as oil prices continue to show strength."

According to GasBuddy historical data, gasoline prices on December 4 in Amarillo have ranged widely over the last five years:

  • $1.96/g in 2016, 
  • $1.70/g in 2015, 
  • $2.38/g in 2014, 
  • $2.96/g in 2013 and 
  • $3.22/g in 2012.

Areas near Amarillo and their current gas price climate:

  • Lubbock- $2.32/g, down 2.4 cents per gallon from last week's $2.34/g.
  • Midland Odessa- $2.49/g, down 0.6 cents per gallon from last week's $2.50/g.
  • Oklahoma- $2.23/g, down 3.7 cents per gallon from last week's $2.26/g.

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