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Gas prices a $1 less than February 2014

Average retail gasoline prices in Midland/Odessa have fallen 0.5 cents per gallon in the past week, averaging $1.96 per gallon, according to GasBuddy’s daily survey of 156 gas outlets in Midland/Odessa.

This compares with the national average that has increased 2.7 cents per gallon in the last week to $2.05 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Midland Odessa during the past week, prices yesterday were 115.8 cents per gallon lower than the same day one year ago and are 27.4 cents per gallon lower than a month ago. The national average has decreased 15.7 cents per gallon during the last month and stands 122.7 cents per gallon lower than this day one year ago.

“The four-month slide in gasoline prices has indeed come to a halt. A reduction in refinery output has been matched in recent weeks by sharp increases in wholesale gasoline prices,” said Gregg Laskoski, senior petroleum analyst with GasBuddy. “Since Jan. 7 through (Jan. 30) wholesale prices on average are up 20 cents per gallon so there’s no doubt now that the first-quarter climb is under way and is already being reflected in rising prices at the pump.”

Related: Hamm: “Oil prices could rebound faster than expected”

 

This article was from Odessa American, Texas and was legally licensed through the NewsCred publisher network.

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