Midland/Odessa Sees Gas Prices Go Down, But We Are Still Most Expensive in Texas
Midland/Odessa has seen gas prices go down consistently for the past two months, but we are still the most expensive area in Texas.
According to AAA.com, Texas has the cheapest gas of any other state in the nation at $3.45, which is more than a dollar cheaper than the peak price of $4.69 on June 15.
Why is gas going down consistently? Some main factors are increased gas production, the decrease in the price of crude oil, and lower demand have all made the price steadily go down since June 15.
Midland/Odessa gas prices are at an average of $3.57 but that is 12 cents higher than the state average.
The record average price of gas in Midland/Odessa peaked on June 11 at $4.51.
The cheapest gas in Texas is about to go below $3.00 which is the average cost of gas this time last year in Texas.
South Texas has the cheapest gas, clocking in at an average of $3.15 in Hidalgo County which is the county Edinburg and McAllen are located.
Nationwide the peak price of gas hit $5.01 in June, the national average now sits at $3.94 which is still more than the average price last year which is up 21.36%
The increase in Texas has not been as bad as it has been nationwide with the average up over this time last year by only 19.48% but gas costs are still rising quicker than all costs which rose 8.5% in July.
Increased gas production and decreased prices of crude oil should continue the decline of gas prices which should get down to a normal level by the end of the year.