LUBBOCK, Texas — Gas price averages around the state made gains this week as crude oil prices held mostly above of $80 a barrel and demand increased from the prior week, according to a press release from AAA Texas.
The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $3.135 on Saturday. AAA data indicated the average price were trending down slightly.
“Volatility remains front-and-center in the energy markets, but overall, there has been upward pressure on fuel prices,” said AAA Texas spokesperson Daniel Armbruster in the press release.
The motor club said Texas drivers overall were paying the 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 Houston and Beaumont.
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 $3.510 on Saturday. AAA data indicated the average price were trending upward.
According to OilPrice.com, West Texas Intermediate (WTI) crude oil ended the week at $79.68 a barrel. It ended the previous week at $81.64 a barrel.
The motor club said the war with Russia and Ukraine keeping the supply picture unclear. Market watchers are still wondering about the impact the inflation and higher interest rates may have on the energy industry. Also weighing on the markets is the question of China’s reported relaxing of COVID-19 restrictions.
AAA Texas has said crude oil makes up approximately 50 to 60 percent of the cost of a gallon of gas.
Ultimately, retailers set the final price of a gallon of gas.
The U.S. recorded its highest gas price average on June 14, 2022 at $5.016 a gallon.
“To get the best fuel economy, it’s important to remember to drive within posted speed limits, keep your vehicle well-maintained and use an app – such as the AAA mobile app – to see how much stations are charging in your area,” said Armbruster in the press release.
Locally, the average retail price for a gallon of regular unleaded fuel in the Lubbock was reported at $3.089 on Saturday. AAA data showed the local average price were trending down slightly.
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 $3.05 in the Hub City on Saturday. GasBuddy.com data on Saturday indicated local prices were holding steady.