A new study found that Texas has had the cheapest gas prices in the nation so far in 2023, coming in at 37 cents per gallon below the national average.
The car subscription service Finn found Texans paid an average $3.086 for regular-grade gas in January and February, below the current national average of $3.40.
Finn’s study found Texans could drive the furthest on $50 of gas, which in Texas bought about 16.2 gallons and in a Ford F-150 would fuel drivers for 356.45 miles.
Tailing Texas for the cheapest gas were Mississippi with an average of $3.124 per gallon, and Oklahoma and Missouri with averages of $3.136 per gallon.
The most expensive states for gas were Hawaii, where gas cost an average of $4.907 per gallon, and California where a gallon cost $4.617 on average.
The data from Finn noted that Texas ranked sixth in the nation for the number of miles residents travelled in a day, and for the increase in driven miles over 23 years.
‘Across the US, Texas ranks sixth for daily travel with 17,123 lane miles and is also in sixth place for an increase in vehicle miles of travel since 2000, with a rate of 49%,’ the study read.
‘This is 23% higher than the national average, which stands at 26%.’
Since the survey was carried out, gas prices have dropped even lower in Texas, and sat at $2.97 per-gallon on Monday. That is slightly more expensive than Mississippi, which has the nation’s cheapest gas at $2.95-a-gallon.
Finn’s data also found Texas ranked second in the nation for the smallest increase in gas prices over ten years.
The study noted that in 2013 the average gas price in Texas was $2.763 per gallon, making 2023’s $3.086 per gallon average so far a 11.69% over the last decade.
‘As previously mentioned, Texas is currently holding the title for the state with the lowest gas prices,’ the study said. ‘It is, however, the 11th most congested state with a rate of 58%, which is 11% higher than the national average.’
Hawaii and California brought in the end of that list too, showing the highest increase in average gas prices over a ten-year period.
California jumped a whopping 56.14 percent from a 2013 average of $2.957 per gallon to a 2023 average of $4.617 per gallon, and Hawaii spiked 57.53 percent from $3.115 per gallon to $4.907 per gallon.
Texans paid an average $3.086 for regular-grade gas in January and February, below the current national average of $3.40
The data from Finn comes after the United States was plagued by out of control gas prices in 2022, which peaked at an average of $5.01 per gallon in June.
Though prices finally dropped from that staggering high, experts warn that 2023 will not entirely be a return to cheaper times at the pump.
‘2023 is not going to be a cakewalk for motorists. It could be expensive,’ Patrick De Haan, head of petroleum analysis at GasBuddy, told CNN in December.
‘The national average could breach $4 a gallon as early as May – and that’s something that could last through much of the summer driving season,’ he added.
GasBuddy projects prices will rise to a range of $3.52 to $4.05 in May, as the summer driving season starts up and demand increases.
Average gas prices in the US currently sit at $3.405.
Gas prices typically rise in the summer as more Americans hit the road and refiners switch over to a more expensive summer formulation intended to decrease air pollution.
GasBuddy did not project a return to $5-per-gallon gas next year.
De Haan told CNN that he expects prices to top out at as high as $4.25 a gallon in August before dropping back towards $3 a gallon by the end of the year.
The federal Energy Information Administration has issued similar projections, seeing gas prices averaging $3.51 over the course of 2023, down from the $3.99 average across 2022.
Gas prices rise and fall primarily based on the international price of crude oil. For every $10 increase in the price of a barrel of oil, a gallon of gas rises about 20 cents.
Oil prices soared in 2022 after Russia’s invasion of Ukraine in February, which prompted bans on Russian oil exports. OPEC also cut back on production despite entreaties from the Biden administration.
US production has also failed to return to the record levels reached prior to the COVID-19 pandemic, which shuttered many marginal producers amid plunging demand.
Starting in March, Biden withdrew 180 million barrels from the Strategic Petroleum Reserve, bringing the stockpile to its lowest level since the 1980s.
The reserve was created after the 1970s Arab oil embargo to give the United States a supply that could be used in an emergency.
Tapping the reserve is among the few things a president can do by himself to try to control inflation that often creates a political liability for the party in control of the White House.