LUBBOCK, Texas — As demand for gasoline rises, crude oil prices have also been on the increase. This has contributed to more expensive prices at the pump, according to a news release from AAA Texas.
“As millions of Texans get ready to embark on summer road trips, they’ll be paying nearly one dollar more for a gallon of gasoline when compared to last summer,” said AAA Texas spokesperson Daniel Armbruster. “Motorists can reduce fuel costs by driving the speed limit and accelerating smoothly with light to moderate throttle.”
The statewide average price for a gallon of regular unleaded fuel was reported at $2.747 on Saturday and was trending down.
The motor club said that Texas drivers were paying the fourth lowest gas prices on average across the country this week.
The latest data from the Energy Information Administration (EIA) showed regional fuel supplies had decreased slightly. Meanwhile, Gulf Coast refinery utilization registered flat from the week prior.
The national average price for a gallon of regular unleaded fuel was reported at $3.070 on Saturday and was trending down.
The EIA data showed U.S. gasoline demand had jumped to just below 9.4 million barrels per day.
Market analyst are keeping a close eye on global supply and demand levels.
The Organization of the Petroleum Exporting Countries (OPEC+) and its allies will begin increasing production next month. OPEC+’s move may help drop crude oil prices and bring gas prices down. However, motorists likely would not see any impact at the pump until mid-to-late July.
In Lubbock, AAA Texas reported the average retail price was reported at $2.726 on Saturday.
The website GasBudddy.com reported an average retail price of $2.70 here in the Hub City. The website also noted drives could find regular unleaded gas prices as low as $2.49 a gallon in Lubbock.