AMARILLO, Texas (KAMR/KCIT) – With Thanksgiving week arriving on the High Plains, GasBuddy reported an average price for fuel in the area at around $2.83/gallon. That was noted as around 1.5 cents below the average price last week. Gas prices in Amarillo on Monday morning were 8.6 cents per gallon lower than a month ago, and $1.21/gallon higher than a year ago.
GasBuddy said that its price reports showed the cheapest station in Amarillo marked at $2.69/gallon Monday morning, while the most expensive was $3.10/gallon, a difference of 41 cents. In Texas, the lowest price in the state was $2.59/gallon and the highest was $3.89/gallon, a difference of $1.30.
Nationally, gas prices fell 1.9 cents in the last week for an average of $3.39/gallon. That national average was up 2.8 cents from a month ago, and $1.30/gallon higher than a year ago.
Gas prices in Amarillo’s neighboring areas include:
- Lubbock- $2.89/gallon, up 0.6 cents per gallon from last week’s $2.88/gallon.
- Midland Odessa- $3.07/gallon, down 2.6 cents per gallon from last week’s $3.09/gallon.
- Oklahoma- $2.97/gallon, down 1.8 cents per gallon from last week’s $2.99/gallon.
“With oil prices plunging nearly $10 from the recent peak of $85 per barrel, motorists will start to see gas prices decline nationwide, just in time for Thanksgiving, and the decline could stretch for several weeks,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “It’s not impossible- so long as oil prices hold near these levels or continue falling- that the national average could shed 15 to 30 cents per gallon over the coming weeks, while some areas like California could see declines of as much as 25 to 40 cents. While there’s reason to be optimistic that the peak of gas prices will soon be behind us, the decline in the price of oil is likely reflecting the possibility of a coordinated global release of oil from strategic reserves. If that doesn’t happen, oil could again rally. However, with Covid cases on the rise again reducing global demand, it does seem the most likely outcome will be a drop in gas prices that could last several weeks.”