Prices at the pump have temporarily fallen below 2018 levels across the state, according to the news release from AAA Texas.
The statewide average price for a gallon of regular unleaded fuel was $2.58 on Saturday, according to the AAA Texas Weekend Gas Watch,
“Drivers in every city across Texas, surveyed by AAA, are paying less for a gallon of gasoline compared to one year ago,” said Daniel Armbruster, AAA Texas/AAA New Mexico spokesperson. “However, market analysts caution the recent drop in prices may only be temporary. A spike in demand for retail gasoline could force prices to jump higher as millions are expected to hit the road for Memorial Day weekend, among other factors.”
AAA Texas said market analysts note there are many factors that could quickly push up gas prices in the coming weeks. Those include the impact of Chinese tariffs, warmer weather, a major draw in gasoline stock levels, a spike in demand or the volume of Memorial Day weekend travel.
Gas prices are decreasing despite the Energy Information Administration’s (EIA) latest reports which show an increase in demand to summer-like levels and a decrease in gasoline stocks. The move to cheaper gas prices indicates that demand and supply are potentially leveling out. This is the first time in three months that gas prices have shown consistent signs of declining.
The national average price for a gallon of regular unleaded fuel was $2.85 on Saturday and was also trending downward.
$2.55 was the average price for a gallon of regular unleaded fuel in Lubbock on Saturday, according to AAA.