LUBBOCK, Texas — Gas prices are currently at the lowest they’ve been in about 16 years, according to AAA. Crude oil is around $20 cheaper than it was in 2019.
“Year over year gas prices are down about 6 percent from last year, and sometimes we see that immediately reflected at the pump, but sometimes it takes a little bit longer,” said price and sales manager at Davidson Oil Company, Natasha Lockhart.
Currently, on average, the cost of gas in Texas is $1.86
“That’s the lowest gas price we’ve seen on average in the state of Texas since 2004 when we saw 1.81,” said AAA Texas Representative, Joshua Zuber.
Gas in Lubbock is 38 cents cheaper than it was this time last year, and experts are attributing this drop in price mostly to COVID-19.
“I think COVID did play a little bit of a part in it. Especially, when we were all at stay at home still because nobody was buying gas, so we ended up with a lot of supply, and now we have to get rid of it. So that’s where you are starting to see a little bit of town tick at the pump,” said Lockhart.
But with winter on the way, AAA said the drop in prices might not be over.
“As we look forward to wrapping up the summer driving season getting into fall and winter, market analysts say they will most likely continue to fall, and the demand will most likely continue to dwindle,” said Zuber. “The appetite for travel is not as strong due to COVID-19 concerns, so likely gas prices are going to trend cheaper as we get into the fall and winter months.”
While price drops might be good for the consumer, Lockhart said low prices aren’t always best.
“When gas prices are higher, it’s better for our economy,” said Lockhart.
But for now, folks can still expect a cheaper price at the pump.
“A lot of folks have different patterns for when they buy gas, but they can expect to see those saving continue at the pump really for the coming weeks,” said Zuber.
While those gas prices are expected to stay low, AAA said those prices may even drop further as we head into the winter.