Amarillo gas prices rose 12.0 cents per gallon in the past week, averaging $1.98/g yesterday, according to GasBuddy’s daily survey of 147 gas outlets in Amarillo.
The national average that has increased 8.1 cents per gallon in the last week to $2.22/g, according to gasoline price website GasBuddy.com.
“Gasoline and oil prices have set new yearly highs as the imbalance of supply and demand may begin to shift as global oil production shows signs of slowing and gasoline demand is accelerating. While oil inventories in the U.S. remain well-supplied for now, they are likely to start receding as refiners begin throttling up their operations after maintenance season. Americans appear ripe to consume near record levels of gasoline, if not the highest levels ever this summer with some of the lowest summer prices seen in ten years or so,” said Patrick DeHaan, a Chicago-based senior petroleum analyst for GasBuddy.
Amarillo gas prices are now 39.5 cents per gallon lower than the same day one year ago and are 23.2 cents per gallon higher than a month ago.
The national average has increased 15.9 cents per gallon during the last month and stands 39.3 cents per gallon lower than this day one year ago.
“Gasoline prices in all fifty states saw a rise over the last week- an average of over 8 cents. While we may not see as such a sharp rise this week, we aren’t out of the woods just yet. Gasoline prices may continue inching up until Memorial Day- a major test if refiners are well-prepared for the summer driving season,” DeHaan added.
According to GasBuddy historical data, gasoline prices on May 2 in Amarillo have ranged widely over the last five years:
- $2.37/g in 2015,
- $3.39/g in 2014,
- $3.29/g in 2013,
- $3.50/g in 2012 and
- $3.74/g in 2011.
Areas nearby Amarillo and their current gas price climate:
- Midland Odessa- $1.97/g, up 6.5 cents per gallon from last week’s $1.91/g.
- Oklahoma- $1.93/g, up 3.9 cents per gallon from last week’s $1.89/g.
- Lubbock- $1.92/g, up 11.3 cents per gallon from last week’s $1.81/g.