LUBBOCK, Texas — Retail gasoline prices continue to decline this week across the Lone Star State, according to a press release from AAA Texas.
The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $3.739 on Saturday. Prices were trending downward.
“With crude oil prices steadily below $100 a barrel in recent days, coupled with what appears to be a healthy supply of regional gasoline product, could be leading factors as to why prices are falling at the pump,” said AAA Texas spokesperson Joshua Zuber. “Last minute road trips may increase gasoline demand as we wrap up the summer driving season with gas price averages dropping almost daily. But, how long this downward trend continues remains to be seen.”
The motor club said Texas drivers were paying the lowest gas prices on average across the country this week.
The highest gas prices in the state this week were reported in College Station. The cheapest gas prices were reported in Laredo.
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 $4.232 on Saturday. Prices were also trending downward.
West Texas Intermediate crude ended the week at $98.62 a barrel, while Brent crude ended at $104.00 according to OilPrice.com.
AAA Texas said oil and gasoline markets continue to weigh the potential of an economic slowdown against strong demand for fuel products and supply volatility with the ongoing war in Ukraine.
Crude oil prices remain sensitive to headlines and July is still a leading month for travel, the motor club said.
The U.S. recorded its highest gas price average on June 14, 2022 at $5.016 a gallon.
Meanwhile, the average retail price for a gallon of regular unleaded fuel in Lubbock was reported at $3.697 on Saturday. Prices were also trending downward.
Lubbock recorded its highest gas price average on June 14, 2022 at $4.520 a gallon.
The website GasBudddy.com reported an average retail price of $3.66 here in the Hub City. However, prices were reported as low as $3.29 for a gallon of regular unleaded (at Sam’s Club and Costco Wholesale).