Permian Basin Gas Price Rises Over 40 Cents in Three Weeks
Gas prices in Midland and Odessa have increased by over 40 cents in the past three weeks which is the biggest increase in the state.
According to the Midland Reporter-Telegram, Midland is leading the state in the average price of gas at $2.86 with Odessa being next at $2.82.
The state average is sitting at $2.57 so those of us in the Basin are paying $0.30 above the rest of the state.
The average price has increased by $0.44 in the past three weeks and $0.79 since January 1. We are also up $0.64 from the average last year, all of these figures are coming from AAA Texas.
AAA Texas is also reporting that the increases in oil prices is a result of OPEC keeping their current production cuts going through April.
That along with market impact caused by the new stimulus checks coming to Americans in the next couple of weeks has added to the prices at the pump.
“The last time the statewide average was at this price was around Memorial Day 2019,” reports AAA Texas. “The latest data available from the U.S. Energy Information Administration shows refinery utilization in the U.S. is at 61 percent in the Gulf Region, which is likely also contributing to the continued rise in gas prices. That’s up from 41 percent the week prior.”
The highest averages in West Texas after Midland/Odessa according to AAA Texas are El Paso at $2.75, Lubbock at $2.65, Wichita Falls at $2.63, Abilene at $2.61, Amarillo at $2.57, and San Angelo at $2.55.
The lowest average price in the state is the Sherman-Denison area which is currently sitting at $2.47.