LUBBOCK, Texas — Crude oil prices jumped on Friday after Russia announced it may cut production in response to the G7’s oil price cap.
According to OilPrice.com, West Texas Intermediate crude ended the week up at $79.56 a barrel, while Brent crude ended up at $83.92 a barrel.
AAA Texas had warned late this week in a press release that price fluctuations at the pump were possible in response to higher oil prices and an increase in demand as many travel for the holidays.
An estimated 8.3 million Texans were expected to drive to year-end holiday destinations.
AAA has said crude oil makes up approximately 50 to 60 percent of the cost of a gallon of gas.
The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $2.636 on Saturday. AAA data indicated prices were trending upward.
The motor club said Texas drivers were paying the lowest gas prices on average across the country this week.
The highest gas prices in the state this week were reported in El Paso. The cheapest gas prices were reported in McAllen.
Texas recorded its highest gas price average on June 15, 2022 at $4.695 a gallon.
The Lone Star State’s weekly gas price average had fallen for the tenth week in a row prior to the late week surge in oil prices, according to a press release from AAA Texas.
The national average price for a gallon of regular unleaded fuel was reported at $3.097 on Saturday. AAA data indicated prices were also trending upward.
The motor club said it’s possible the bitter cold and blizzard conditions in parts of the country could put a dent on demand.
“AAA recommends drivers assess the weather along their route before heading out and that their vehicle is well-maintained with a well-stocked emergency roadside kit,” said AAA Texas spokesperson Daniel Armbruster in the press release.
The U.S. recorded its highest gas price average on June 14, 2022 at $5.016 a gallon.
Locally, the average retail price for a gallon of regular unleaded fuel in the Lubbock was reported at $2.562 on Saturday. AAA data showed local prices were trending upward.
Lubbock recorded its highest gas price average on June 14, 2022 at $4.520 a gallon.
Meanwhile, the consumer website GasBudddy.com reported an average retail price of $2.52 in the Hub City on Saturday. However, prices were reported as low as $2.29 for a gallon of regular unleaded. GasBuddy.com data on Saturday indicated local prices were holding steady.