LUBBOCK, Texas — Retail gasoline prices across the Lone Star State have dropped for nearly 2 months, according to a press release from AAA Texas.
The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $3.472 on Saturday. Prices were trending downward.
“Retail gasoline prices in Texas fell for the eighth consecutive week,” said AAA Texas spokesperson Daniel Armbruster. “While gas prices will likely keep dropping in the near term, it is unclear how long the trend will last. Demand for fuel jumped seven percent across the U.S. this week and regional fuel supplies fell by around three percent.”
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 and Bryan. The cheapest gas prices were reported in McAllen, 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 $3.965 on Saturday. Prices were also trending downward.
The national gas price average dropped below $4 per gallon this week for first time since March 5, 2022.
Market analysts attribute the drop to falling crude oil prices – sitting below $100 a barrel for nearly three weeks.
West Texas Intermediate crude ended the week at $92.09 a barrel, while Brent crude ended at $98.15 according to OilPrice.com.
The cost of oil, which accounts for 60 percent of each gallon of gas, has edged lower on fears of an economic slowdown in the global economy.
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 $3.387 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 $3.35 here in the Hub City. However, prices were reported as low as $3.09 for a gallon of regular unleaded (at Sam’s Club and Costco Wholesale).