The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $2.805 on Saturday. AAA data indicated prices were trending downward.
“Gas prices are cheaper than they were last December and down 40% from record highs set in June. However, change could be on the horizon as the cost of gasoline’s main ingredient, crude oil, starts to increase due to rising global demand,” said AAA Texas spokesperson Daniel Armbruster in the press release.
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 Midland. The cheapest gas prices were reported in Sherman-Denison.
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 $3.425 on Saturday. AAA data indicated prices were also trending downward.
According to OilPrice.com, West Texas Intermediate crude ended the week at $79.98 a barrel, while Brent crude ended at $85.57 a barrel.
AAA Texas said crude oil prices have been on the rebound recently.
“If crude prices continue to increase, the downward trend in retail fuel prices may slow or reverse,” said AAA Texas spokesperson Daniel Armbruster in the press release.
OPEC+ was scheduled to meet this weekend where there’s a possibility the group could call for more cuts to crude oil production in hopes of tightening supply.
The markets were also awaiting an announcement from China on easing COVID-19 restrictions.
AAA Texas has 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 $2.767 on Saturday. 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 $2.75 in the Hub City on Saturday. However, prices were reported as low as $2.47for a gallon of regular unleaded. GasBuddy.com data on Saturday indicated local prices were holding steady.