LUBBOCK, Texas — Volatility in the crude oil market resulted in gas price fluctuations around the state over the past week, according to a press release from AAA Texas.
The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $3.011 on Sunday. AAA data indicated the average price was trending downward.
Texas drivers overall were paying the lowest gas prices on average across the country this past week, the motor club said.
The highest gas prices in the state were reported in El Paso. The cheapest gas prices were reported in Sherman-Denison.
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 $3.413 on Sunday. AAA data indicated the average price was also trending downward.
AAA Texas said oil and gasoline markets remain conflicted between balancing supply and demand forces in the face of a possible slowdown over economic concerns domestically.
“While crude oil has remained under $80 a barrel, it has been fluctuating in a wide range between $70 and just under $80 a barrel,” said AAA Texas spokesperson Joshua Zuber in the press release.
According to OilPrice.com, West Texas Intermediate (WTI) crude oil ended the week back on Friday at $76.34 a barrel. It had ended the previous week at $79.72 a barrel.
Ultimately, retailers set the final price of a gallon of gas.
“Keeping your vehicle well-maintained and practicing safe driving habits can help improve your fuel economy,” Zuber said 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 $2.979 on Sunday. AAA data showed the local average price was trending downward.
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 $2.97 in the Hub City on Sunday. However, prices were reported as low as $2.79 for a gallon of regular unleaded. GasBuddy.com data on Sunday indicated local prices were holding steady.