AAA Texas: Climbing crude oil prices prop up gas prices in many cities

State & Regional
Gas Pump Nozzle (Getty Images)

In this file photo, a gas pump nozzle is seen at a gas station. (Photo by Joe Raedle/Getty Images)

LUBBOCK, Texas — Rising crude oil prices were leading to higher gasoline prices in many cities across the Lone Star State this week, according to a news release from AAA Texas.

The statewide average price for a gallon of regular unleaded fuel was reported at $2.762 on Saturday and was trending up.

“Gas prices are expected to fluctuate over the next few weeks,” said AAA Texas spokesperson Daniel Armbruster. “Higher crude oil prices will likely prop fuel prices up over the next several days.”

The motor club did note that Texas drivers were paying the third lowest gas prices on average across the country this week.

On top of tracking gasoline supply and demand data, AAA Texas was also tracking two additional factors: crude oil prices and global supply.

AAA Texas noted crude oil prices account for more than 50 percent of the price at the pump.

West Texas Intermediate increased to around $70 per barrel this week, the highest it’s been since October 2018.

Last week OPEC+ agreed to slowly increase production in the coming months. As their production increases, this should lead to a decrease in crude oil prices.

However, AAA Texas noted pump price fluctuation will likely continue this summer.

The national average price for a gallon of regular unleaded fuel was reported at $3.077 on Saturday and was holding steady.

In Lubbock, AAA Texas reported the average retail price was reported at $2.726 on Saturday.

The website reported an average retail price of $2.70 here in the Hub City. The website also noted drives could find regular unleaded gas prices as low as $2.49 a gallon in Lubbock.

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