LUBBOCK, Texas — The weekly statewide gas price average in Texas rose for the first time in over 3 months this week, according to press release from AAA Texas.
The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $3.250 on Saturday. Prices were trending upward.
“Tight supplies, climbing demand and OPEC+’s announcement to cutback output by two million barrels per day are putting upward pressure on retail gas prices,” said AAA Texas spokesperson Daniel Armbruster in the press release. “It’s too early to determine how strong of an impact the production cuts will have on pump prices. However, prices in Texas started increasing just hours ahead of the anticipated announcement and will likely continue to move upwards through the weekend.”
Texas drivers were paying the third 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 Brownsville and Harlingen.
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 $3.904 on Saturday. Prices were also trending upward.
AAA Texas said the national gas price average had been on the rise since mid-September due to a number of factors including refinery issues on the West Coast, a refinery fire in the Midwest and Hurricane Ian.
Supplies of refined gasoline and crude oil remain tight across the U.S., as demand climbed again this week.
The switchover from summer blend to the cheaper winter blend fuel has already taken place across most of the country, the press release said.
On Wednesday, OPEC+ announced plans to cut production by two million barrels per day.
According to OilPrice.com, West Texas Intermediate crude ended the week at $92.64 a barrel, while Brent crude ended at $97.92 a barrel.
Just one week ago, West Texas Intermediate crude ended the week at $79.49 a barrel, while Brent crude ended at $85.14 a barrel.
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 $3.312 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 website GasBudddy.com reported an average retail price of $3.28 here in the Hub City on Saturday. However, prices were reported as low as $3.08 for a gallon of regular unleaded. GasBuddy.com data on Saturday indicated local prices were holding steady.