Gas Prices Could Rise Soon in Permian Basin

Average retail gasoline prices in Midland Odessa have fallen 3.0 cents per gallon in the past week, averaging $3.59/g yesterday, according to GasBuddy's daily survey of 156 gas outlets in Midland Odessa. This compares with the national average that has fallen 3.2 cents per gallon in the last week to $3.66/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Midland Odessa during the past week, prices yesterday were 8.5 cents per gallon lower than the same day one year ago and are 16.9 cents per gallon higher than a month ago. The national average has increased 10.2 cents per gallon during the last month and stands 8.8 cents per gallon lower than this day one year ago.

"Relief at the pump has continued for motorists in a majority of the United States during the last week," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "I would caution motorists, however, not to sound the all clear. Refineries will be continuing their switch over to cleaner burning gasoline, and there certainly is the possibility that one mishap could send prices racing higher, much to the disappointment of motorists nationwide," DeHaan said.