AAA Texas: Low demand, abundant supply allow gas prices to tumble this week

Local News

(AP GraphicsBank)

LUBBOCK, Texas – Good news for drivers across the state this week, as AAA Texas reports retail gasoline prices are dropping once again.

The statewide average price for a gallon of regular unleaded fuel was reported at $2.247 on Saturday.

“Increasing gasoline supplies continue to help put downward pressure on pump prices,” said AAA Texas spokesperson Daniel Armbruster. “As long as supplies remain healthy and demand for gas is low, drivers should continue to see lower pump prices.”

Drivers in Midland were paying the highest prices in the state this week, while the cheapest gas prices could be found in the Sherman/Denison area.

According to the Energy Information Administration’s latest report, total gas stocks in the region grew by just over one million barrels to 32.65 million barrels, week-to-week.

AAA Texas said despite crude oil price fluctuation and growing geopolitical concerns with Iran in recent weeks, gas price averages across the country also fell this week.

The national average price for a gallon of regular unleaded fuel was reported at $2.554 on Saturday.

Here at home, AAA Texas reported the average retail price in Lubbock was $2.203 on Saturday.

The website GasBudddy.com reported an average retail price of $2.08 in the Hub City. The website also noted drives could find gas prices as low as $2.18 a gallon.

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