LUBBOCK, Texas — Retail gasoline price increases slowed at least momentarily across the Lone Star State this week, according to a press release from AAA Texas.
“Pump price increases have cooled over the last week with fewer drivers on the road thanks in large part to this week’s winter storm,” said AAA Texas spokesperson Daniel Armbruster in the press release.
The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $3.109 on Saturday. AAA data indicated the average price was trending down.
Texas drivers overall were paying the lowest gas prices on average across the country this week, the motor club said.
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 $3.482 on Saturday. AAA data indicated the average price was trending down.
According to OilPrice.com, West Texas Intermediate (WTI) crude oil ended the week at $73.39 a barrel. It ended the previous week at $79.68 a barrel.
AAA Texas said the market picture for fuel prices has changed slightly from last week. Even with higher national demand, fuel supplies remained decent and crude oil prices have fallen slightly.
AAA Texas has said crude oil makes up approximately 50 to 60 percent of the cost of a gallon of gas.
Ultimately, retailers set the final price of a gallon of gas.
“To get the best fuel economy, it’s important to remember to follow within posted speed limits, keep your vehicle well-maintained and use an app – such as the AAA mobile app – to see how much stations are charging in your area,” Armbuster said the 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 $3.020 on Saturday. AAA data showed the local average price was trending down.
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 $2.99 in the Hub City on Saturday. However, prices were reported as low as $2.81 for a gallon of regular unleaded. GasBuddy.com data on Saturday indicated local prices were holding steady.