LUBBOCK, Texas — The statewide gas price average dipped back below the $3.00 mark this week for the first time since mid-January, according to press release from AAA Texas.

The average price for a gallon of regular unleaded fuel in Texas was $2.975 on Tuesday. AAA data indicated prices were trending downward.

“Many drivers will be thankful to see Texas gasoline prices, which are the lowest in the nation, below $3 per gallon for the first time since January,” said AAA Texas spokesperson Daniel Armbruster in the press release.

The highest gas prices this week were reported in Midland. The cheapest gas prices were reported in McAllen.

Texas recorded its highest gas price average on June 15, 2022 at $4.695 a gallon.

AAA Texas previously announced around 3.6 million Texans were expected to travel by vehicle for the Thanksgiving holiday this year.

“AAA Texas will come to the rescue of more than 18,000 motorists this Thanksgiving. To avoid breakdowns and maximize fuel economy we recommend motorists have their vehicle inspected by a trusted mechanic before hitting the road,” Armbruster also said in the press release.

The national average price for a gallon of regular unleaded fuel was reported at $3.636 on Tuesday. AAA data indicated prices were also trending downward.

Market analysts attribute the falling pump prices to sinking oil prices, the motor club said.

West Texas Intermediate (WTI) prices have recently trend near and slightly below $80 a barrel for the first time since the beginning of the year. However, the WTI price was trending higher on Tuesday, according to OilPrice.com.

AAA Texas has said crude oil makes up approximately 50 to 60 percent of the cost of a gallon of 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 $2.982 on Saturday. AAA data showed local prices were trending downward.

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 $2.95 in the Hub City on Tuesday. However, prices were reported as low as $2.69 for a gallon of regular unleaded. GasBuddy.com data indicated local prices were trending downward.