The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $3.227 on Saturday. Prices were trending downward.
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 McAllen.
“Supply and demand market dynamics continue to keep retail gas prices elevated, but lower than earlier in the year,” said AAA Texas spokesperson Daniel Armbruster in the press release.
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 $3.803 on Saturday. Prices were trending also trending downward.
According to OilPrice.com, West Texas Intermediate crude ended the week at $85.05 a barrel, while Brent crude ended at $93.50 a barrel.
The White House recently said that the Strategic Petroleum Reserve would continue to release barrels of oil.
AAA Texas said the announced 15 million barrels are part of an earlier planned Strategic Petroleum Reserve release from March.
“Given that the market remains highly volatile and supply remains tight, the release of crude oil from the Strategic Petroleum Reserve could help to cap crude oil price increases and keep pump prices trending downward,” Armbruster said in the press release.
AAA Texas said crude oil makes up approximately 50 to 60 percent of the cost of a gallon of gas.
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 $3.249 on Saturday. AAA data showed local prices were trending downawrd.
Lubbock recorded its highest gas price average on June 14, 2022 at $4.520 a gallon.
Meanwhile, the website GasBudddy.com reported an average retail price of $3.23 here in the Hub City on Saturday. However, prices were reported as low as $3.03 for a gallon of regular unleaded. GasBuddy.com data on Saturday indicated local prices were dropping.