New Year, New Gas Prices

December 31, 2018
New Year, New Gas Prices

HOUSTON, TX – The best New Year’s news in Houston this year? Seeing lower gas prices than last year. In fact, Houston gas prices are at the lowest they have been throughout the entire year of 2018. The highest they have been in 2018 was $2.70 per gallon at the end of May.

Now, drivers will see that prices are 29 cents lower than they were a year ago. Sunday, the average price per gallon for gas in Houston was $1.90. This is the lowest average for the city this past year. And, this information comes according to GasBuddy.com – a website that specifically tracks gasoline and prices. The average price nationwide? $2.25 per gallon.

This comes after recent years of fluctuating year-end gas prices for Houston and the rest of the states. It has not been this low in the city since the average of $1.73 in 2015. In 2017, it was at $2.19 per gallon.

Will prices stay low in 2019?

But, gas prices have been falling throughout the United States in the last few weeks. They went down an average of 23 cents in Houston. Nationally, the prices went down 21 cents. Oil prices have been dropping to less than $50 per barrel.

OPEC and other oil producers recently made a deal to cut down oil production by 1.2 million barrels per day. These cuts will begin in January, though. And, oil prices have dropped 15% since the deal was originally announced.

The head of petroleum analysis for GasBuddy, Patrick DeHaan, said in a statement: “With the plunge perhaps continuing for another couple weeks, many motorists have been asking how long this trend will continue into 2019.”

So, will drivers see falling Houston gas prices throughout 2019? Perhaps that is too soon to know… but maybe also too good to be true. DeHaan said: “the answer is that it’s complicated but possible summer gas prices won’t be anywhere near this low.”

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