However, AAA data indicated prices were trending slightly upward again on Saturday.
The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $3.177 on Saturday.
“Gasoline demand fell week-to-week likely helping pump prices fall just a little bit,” said AAA Texas spokesperson Joshua Zuber in the press release on Thursday. “With colder, winter weather settling in across many parts of the country, lower demand in the coming weeks may help keep a lid on gas prices even as crude oil prices have been rising.”
Texas drivers overall were paying the second 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 Corpus Christi.
Texas recorded its highest gas price average on June 15, 2022 at $4.695 a gallon.
The national average price for a gallon of regular unleaded fuel was reported at $3.797 on Saturday. AAA data indicated prices were also trending upward.
According to OilPrice.com, West Texas Intermediate crude ended the week at $92.61 a barrel, while Brent crude ended at $98.57 a barrel.
Crude oil markets continue to be fluctuate, swinging in either direction daily, AAA Texas said.
“Tighter supplies have kept prices elevated while market analysts are watching to see what the impact of inflation and rising interest rates on fuel demand will be,” the press release said.
AAA Texas said crude oil makes up approximately 50 to 60 percent of the cost of a gallon of gas.
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 $3.154 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 $3.12 in the Hub City on Saturday. However, prices were reported as low as $2.8 3for a gallon of regular unleaded. GasBuddy.com data on Saturday indicated local prices were holding steady.