LUBBOCK, Texas – Healthy stock levels and cheaper crude prices have alleviated pump price pains, according to a news release from AAA Texas.
“Gas prices are down week-to-week as well as compared to this time last year,” said AAA Texas spokesperson Daniel Armbruster.
The statewide average price for a gallon of regular unleaded fuel was reported at $2.080 on Saturday.
The latest Energy Information Administration report showed regional stocks fell by 1.4 million barrels, however, total stocks measured at 91 million barrels.
AAA Texas said the decline did not negatively impact gas prices this week.
“Crude oil prices, which make up 60 percent of what drivers pay at the pump, have been fluctuating due to speculation around the coronavirus and what it will do to global gasoline demand,” Armbruster said.
Of the major metropolitan areas surveyed this week, drivers in Midland were paying the most on average. Meanwhile, drivers in the Sherman/Denison area were paying the least on average.
AAA Texas did warn that the downward trend could break in the coming weeks as refineries undergo seasonal maintenance and switch over to summer blends.
The website GasBudddy.com, however, reported an average retail price of $2.02 in the Hub City. The website also noted drives could find gas prices as low as $1.94 a gallon.
Prices range between 20 and 40 centers higher than the statewide average in some communities across the South and Rolling Plains.