LUBBOCK, Texas – Retail gasoline prices continued to drop across the state this week, according to a news release from AAA Texas.
The statewide average price for a gallon of regular unleaded fuel was reported at $2.076 on Saturday.
“Gasoline stocks persist at a healthy level and demand remains at winter-like readings which is leading to lower gas prices,” said AAA Texas spokesperson Daniel Armbruster.
Of the major metropolitan areas surveyed this week, drivers in Midland were paying the most on average. Meanwhile, drivers in the Sherman/Denison area were paying the least on average.
AAA Texas said current prices are roughly 10 cents more expensive than last year, but the price gap has been shrinking steadily.
The national average price for a gallon of regular unleaded fuel was reported at $2.441 on Saturday.
“Market analysts will be watching closely, however, to see if the Organization of the Petroleum Exporting Counties (OPEC) will cut crude production due to the impact of the coronavirus on global oil demand,” Armbuster said.
AAA Texas reported the average retail price in Lubbock was $2.090 on Saturday.
The website GasBudddy.com, however, reported an average retail price of $2.05 in the Hub City. The website also noted drives could find gas prices as low as $1.95 a gallon.