LUBBOCK, Texas — The Lone Star State still held onto the lowest statewide gas price average in the country this past week as crude oil prices fluctuated, according to a press release from from AAA Texas.
The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $2.969 on Sunday. AAA data indicated the average price was rising.
The motor club said prices at the pump were mixed once again with some areas seeing decreases while others were paying more than the prior week.
The highest gas prices in the state were reported in El Paso. The cheapest gas prices were reported in Corpus Christi.
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 $3.402 on Sunday. AAA data indicated the average price was also rising.
AAA Texas said a higher fuel demand outlook from China along with the supply concerns from the Ukraine-Russia war continue to keep crude oil prices volatile.
Inflation and higher interest rates were also playing into market uncertainty as an economic slowdown weighs on the minds of analysts while demand for travel remains optimistic.
According to OilPrice.com, West Texas Intermediate (WTI) crude oil ended the week back on Friday at $79.68 a barrel. It had ended the previous week at $76.32 a barrel.
AAA Texas has said crude oil makes up nearly 60 percent of the cost of a gallon of gasoline.
Ultimately, retailers set the final price for 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 $2.922 on Sunday. AAA data showed the local average price was trending rising.
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 $2.90 in the Hub City on Sunday with prices as low as $2.74 for a gallon of regular unleaded. GasBuddy.com data on Sunday indicated local prices were holding steady.