The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $2.628 on Sunday. AAA data indicated prices were trending downward.
The motor club said Texas drivers were paying the lowest gas prices on average across the country this past week.
The highest gas prices in the state were reported in Midland. The cheapest gas prices were reported in McAllen.
Texas recorded its highest gas price average on June 15, 2022 at $4.695 a gallon.
Cheaper gas prices are good news for the estimated 8.3 million Texans expected to drive to year-end holiday destinations.
“Falling gas prices may encourage even more people to travel to celebrate the year-end holidays,” said AAA Texas spokesperson Daniel Armbruster in the press release.
The national average price for a gallon of regular unleaded fuel was reported at $3.149 on Sunday. AAA data indicated prices were also trending downward.
According to OilPrice.com, West Texas Intermediate crude ended last week at $74.29 a barrel, while Brent crude ended at $79.04 a barrel.
Despite a small drop on Thursday and Friday, crude oil prices rose most of the week.
AAA Texas said the factors pushing oil prices higher include the ongoing conflict with Russia and Ukraine, easing COVID-19 restrictions in China and a weakening U.S. dollar.
As crude oil prices rise, it’s possible decreasing pump prices could soon reverse direction, the motor club warned.
AAA Texas has said crude oil makes up approximately 50 to 60 percent of the cost of a gallon of gas.
“To ensure maximum savings and fuel economy, make sure your vehicle’s maintenance is up-to-date, shop around for the best gas prices by using the AAA mobile app and choose the correct grade of fuel required by your vehicle owner’s manual,” said Armbruster in the press release.
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 $2.527 on Sunday. AAA data showed local prices were trending downward.
Lubbock recorded its highest gas price average on June 14, 2022 at $4.520 a gallon.
Meanwhile, the consumer website GasBudddy.com reported an average retail price of $2.48 in the Hub City on Sunday. However, prices were reported as low as $2.33 for a gallon of regular unleaded. GasBuddy.com data on Sunday indicated local prices were holding steady.