LUBBOCK, Texas — Drivers across the Lone Star State were paying the lowest gas prices on average in the U.S. this week, despite a recent spike at the pump, according to a press release from AAA Texas.
The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $3.017 on Saturday. AAA data indicated prices were trending upward.
“Pump prices have been on an upward swing as crude oil prices keep rising,” said AAA Texas spokesperson Daniel Armbruster in the press release. “Crude oil accounts for about 60% of the cost that goes into each gallon of gasoline.”
The highest gas prices in the state this week were reported in El Paso. 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 $3.405 on Saturday. AAA data indicated prices were trending upward.
According to OilPrice.com, West Texas Intermediate (WTI) crude oil ended the week at $81.64 a barrel. It ended the previous week at $79.86 a barrel.
AAA Texas said crude oil markets are anticipating more demand out of China as the country reportedly eases its COVID-19 restrictions.
However, future price increases could be slowed by fears of an economic slowdown in the United States, the motor club said.
Ultimately, retailers set the final price of a gallon of gas.
“To maximize fuel consumption, drivers should have their vehicle serviced regularly and avoid speeding in addition to other tips which can be found at AAA.com,” Armbruster said in the press release
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 $2.979 on Saturday. AAA data showed local prices were trending upward.
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 $2.93 in the Hub City on Saturday. However, prices were reported as low as $2.49 for a gallon of regular unleaded. GasBuddy.com data on Saturday indicated local prices were rising.