AMARILLO, Texas (KAMR/KCIT) – According to the latest report from GasBuddy, Amarillo gas prices fell 8.9 cents per gallon in the last week to reach an average of $3.03/gallon on Monday. Those prices were noted as 14.7 cents per gallon higher than a month ago and 5.9 cents per gallon higher than a year ago.

GasBuddy reported that the cheapest station in Amarillo on Sunday was priced at $2.53/gallon while the most expensive was $3.21/gallon, a difference of 68 cents. In Texas, the lowest price on Sunday was recorded at $2.27/gallon while the highest was $4.17/gallon, a difference of $1.90.

Nationally, the average price of gas fell 4.4 cents in the last week to reach an average of $3.44/gallon on Monday. That average was reported as up 17.5 cents per gallon from a month ago and 1.7 cents higher than a year ago. Nationally, the average price of diesel fell 5.2 cents in the last week to stand at $4.60/gallon.

Gas prices in areas neighboring Amarillo included:

• Lubbock- $2.97/gallon, down 7.4 cents per gallon from last week’s $3.05/gallon.
• Midland Odessa- $3.17/gallon, down 3.9 cents per gallon from last week’s $3.21/gallon.
• Oklahoma- $3.05/gallon, down 8.1 cents per gallon from last week’s $3.13/gallon.

“For the first time in 2023, the national average price of gasoline has seen a weekly decline, primarily thanks to a sharp and sudden drop in the price of oil,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While the decline in both gasoline and diesel prices is terrific, it’s not unusual to see prices falling in February, which tends to be the month with some of the lowest gasoline prices of the year thanks to seasonally weak demand. For diesel, we’re likely to see more declines, and potentially much more significant in the weeks ahead as imports of distillate have accelerated, leading to a sell off. And, with warmer weather ahead, demand may struggle as well. However, especially for gasoline, high levels of coming maintenance and the eventual transition to summer gasoline could lead today’s declines to reverse down the road. For now, motorists should enjoy the decline, but be wary as we’re likely to eventually see increases again down the road.”