Gas Prices Continue Decreasing in Permian Basin

Average retail gasoline prices in Midland Odessa have fallen 4.3 cents per gallon in the past week, averaging $3.23/g yesterday. This compares with the national average that has fallen 4.8 cents per gallon in the last week to $3.34/g, according to gasoline price website MidlandOdessaGasPrices.com.

Including the change in gas prices in Midland Odessa during the past week, prices yesterday were 1.7 cents per gallon lower than the same day one year ago and are 8.9 cents per gallon lower than a month ago. The national average has decreased 12.2 cents per gallon during the last month and stands 5.5 cents per gallon higher than this day one year ago.

"The national average has continued to see a steady decline over the last week, and that trend will likely continue through this week at the very least," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "Last week, the Energy Information Administration reported one of the largest single week increases in gasoline inventories in my recent memory, which will likely contribute downward pressure to wholesale gasoline prices in the days and perhaps weeks ahead," DeHaan said.