AMARILLO, Texas (KAMR/KCIT) – According to the most recent reports from GasBuddy, Amarillo gas prices fell 7.5 cents in the last week for an average of $3.49/gallon Monday morning. Prices in Amarillo were noted as 7.1 cents per gallon higher than a month ago, and $1.04/gallon higher than a year ago.
GasBuddy reported that the cheapest station in Amarillo on Sunday posted prices of $3.34/gallon, while the most expensive was $3.69/gallon, a difference of 35 cents. The lowest price in Texas on Sunday was reported to be $3.34/gallon while the highest was $4.99, a difference of $1.65/gallon.
Nationally, the price of gas on average fell around 5.4 cents per gallon in the last week, for an average of $4.17/gallon on Monday morning. The national average was up 25.5 cents from a month ago and $1.31/gallon higher than a year ago.
Gas prices in areas neighboring Amarillo:
- Lubbock- $3.64/gallon, down 6.7 cents per gallon from last week’s $3.71/gallon.
- Midland Odessa- $3.88/gallon, down 6.1 cents per gallon from last week’s $3.94/gallon.
- Oklahoma- $3.72/gallon, down 4.6 cents per gallon from last week’s $3.76/gallon.
“Oil prices fell last week as Covid cases in China surged, prompting restrictions on movements and hurting oil demand. Meanwhile, President Biden’s announcement that the U.S. would be releasing 180 million barrels from the Strategic Petroleum Reserve caused an even further decline in oil, leading gas prices in nearly all areas of the country to fall over the last week,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “So long as oil prices remain under $100 per barrel and there’s no escalations in Russia’s war on Ukraine, we may be poised to see gas prices decline again this week as the U.S. and other countries try to raise oil supply to tip prices lower.”