LUBBOCK, Texas — The statewide pump price average held steady this week, but remains nearly $1.30 higher than a year ago, according to a news release from AAA Texas.
The statewide average price for a gallon of regular unleaded fuel was reported at $3.057 on Saturday and was trending down.
The motor club said that Texas drivers were paying the 3rd lowest gas prices on average across the country this week.
AAA Texas said drivers in El Paso were paying the highest gas price average this week. The cheapest gas price average was reported in Amarillo.
“Gasoline price averages will remain above $3 per gallon unless the price of crude oil, which makes up approximately 50 to 60% of the cost of retail fuel, comes down,” said AAA Texas spokesperson Daniel Armbruster. “The latest decision by OPEC and its oil-producing allies to maintain their planned gradual increase in output will not help to lessen global supply constraints or lower prices of retail fuel for U.S. drivers.”
The national average price for a gallon of regular unleaded fuel was reported at $3.414 on Saturday and was down.
According to the latest data from the Energy Information Administration (EIA), U.S. gasoline demand fell around three percent but remains elevated compared to this time last year.
Regional fuel supply numbers decreased slightly, and Gulf Coast refinery utilization registered up from the week prior.
AAA Texas noted that with the recent time change, shorter days could lead to lower demand for gas, and that could lead to slowly decreasing prices.
However, there may still be a brief increase in prices before the Thanksgiving holiday travel period, which is to be expected as AAA Texas anticipates near pre-pandemic levels of travel.
In Lubbock, AAA Texas reported the average retail price was reported at $2.925 on Saturday.
The website GasBudddy.com reported an average retail price of $2.88 here in the Hub City.