COVID’s Impact on Gas Prices Proves Short-Lived

Gas pumps

Austin gas prices have fallen 6-cents per gallon in the past week, averaging $1.87 per gallon today, according to GasBuddy’s daily survey of 830 stations. Local prices are 4.6-cents higher than a month ago, but still much lower than one year ago.

“Similar to watching the Cubs game last night with a quiet and empty stadium, gasoline prices have been quiet last week as markets await the next chapter in the coronavirus situation,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “As cases continue to rise, the likelihood rises that gas prices will stabilize and demand may continue to see small decreases, which is the name of the game behind gas prices. I wouldn’t expect much movement until we either see more states being impacted again or we see cases start to drop, either one would provide clarity to where we stand now. For now, motorists are still ‘stuck’ with the lowest summer gas prices in 16 years.”

The national average is up 5.4-cents per gallon from a month ago.

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