LUBBOCK, Texas —The Lone Star State’s gas price average fell for the 11th consecutive week as crude oil prices are a being impacted by competing headlines, according to a press release from AAA Texas.
The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $3.296 on Saturday. Prices were trending downward.
“The cost for fuel is at its lowest point in six months as millions of drivers prepare to hit the road for the last weekend of summer driving season,” said AAA Texas spokesperson Daniel Armbruster. “However, crude oil prices remain sensitive to any supply or demand news with the ongoing war in Ukraine. Crude makes up approximately 60 percent of the cost of a gallon of retail gasoline.”
Texas drivers were paying the second 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, Harlingen and McAllen.
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 $3.796 on Saturday. Prices were also trending downard.
AAA Texas said concerns over an economic slowdown in the face of inflation and rising interest rates were putting downward pressure on the cost of oil and gas.
West Texas Intermediate crude ended the week at $86.87 a barrel, while Brent crude ended at $93.02 according to OilPrice.com.
Energy prices, however, remain elevated with the war in Ukraine still ongoing.
Market watchers will also have their eyes on the Atlantic Ocean and the Gulf of Mexico with tropical weather activity becoming recently more active, AAA Texas said.
Prices at the pump may also fluctuate as the latest travel survey released by AAA Texas shows 32% of Americans plan to take a trip to enjoy the last, long weekend of the summer driving season.
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 $3.175 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 $3.18 here in the Hub City. However, prices were reported as low as $2.97for a gallon of regular unleaded. GasBuddy.com data on Saturday indicated local prices were holding steady.