AAA Texas: Gas Prices drop as demand falls, crude oil prices tumble

State & Regional
Gas Pump Nozzle (Getty Images)

In this file photo, a gas pump nozzle is seen at a gas station. (Photo by Joe Raedle/Getty Images)

LUBBOCK, Texas — The statewide gas price average was down slightly this week, according to a news release from AAA Texas.

The statewide average price for a gallon of regular unleaded fuel was reported at $2.960 on Saturday and was trending down.

The motor club said that Texas drivers were paying the 2nd lowest gas prices on average across the country this week.

“Gasoline prices across much of the state are reversing their upward trend thanks to decreasing demand and falling crude oil prices,” said AAA Texas spokesperson Daniel Armbruster. “But it’s too soon to tell if fears of a global economic slowdown caused by the Omicron variant will push oil prices lower for the long term. Drivers can save on fuel by avoiding quick accelerations, riding on healthy tires and keeping their vehicle maintained in accordance with their vehicle owner’s manual.”

Drivers in El Paso were paying the highest gas price average this week. The cheapest gas price average was reported in Amarillo, AAA Texas said.

The national average price for a gallon of regular unleaded fuel was reported at $3.363 on Saturday and was trending X.

According to the latest data from the Energy Information Administration (EIA), U.S. gasoline demand fell by nearly six percent but remains elevated compared to this time last year.

Regional fuel supply numbers increased slightly, and Gulf Coast refinery utilization registered practically flat from the week prior.

In Lubbock, AAA Texas reported the average retail price was reported at $2.864 on Saturday.

The website GasBudddy.com reported an average retail price of $2.84 here in the Hub City. However, prices were as low as $2.59 for regular unleaded in some locations.

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