LUBBOCK, Texas — Retail gasoline prices spiked this week across the Lone Star State, according to a news release from AAA Texas.
The regional motor club said it presumed the price increases were due to more Texans filling up over concerns of supply issues following the shutdown of the Colonial Pipeline.
The Colonial Pipeline, which delivers multiple sources of fuel from Texas to New Jersey, was the target of a cyberattack on Friday, May 7. Pipeline operations, however, resumed on Wednesday, May 12. Officials said it may take “several days” for operations to return to normal.
“Those filling up in Texas do not need to worry about the fuel supply as there is plenty around the state and the nation,” said AAA Texas spokesperson Daniel Armbruster. “Drivers should note that panic-buying is unnecessary, especially in Texas, as the pipeline shutdown has had little-to-no impact on our state’s stock of gasoline.”
The statewide average price for a gallon of regular unleaded fuel was reported at $2.761 on Saturday and trending upward.
Texas drivers were paying the third lowest gas prices on average across the country this week.
The national average price for a gallon of regular unleaded fuel was reported at $3.042 on Saturday and was trending upward.
The latest update from the Energy Information Administration showed U.S. gasoline demand continues to hold steady at or just under nine million barrels per day. Demand was reported at 8.8 million barrels per day in the latest update.
Regional fuel supplies continue to hold steady, but Gulf Coast refinery utilization dipped slightly to 88 percent.
In Lubbock, AAA Texas reported the average retail price was reported at $2.689 on Saturday.
The website GasBudddy.com reported an average retail price of $2.67 here in the Hub City. The website also noted drives could find regular unleaded gas prices as low as $2.52 a gallon in Lubbock.