LUBBOCK, Texas — Rising crude oil prices have made their way to gasoline pumps across Lone Star State, according to a press release from AAA Texas.
The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $2.824 on Saturday. AAA data indicated prices were trending upward.
“To achieve the best fuel economy to save on higher fuel prices, practice safe driving habits, proper vehicle maintenance and compare gas station prices using an app such as the AAA mobile app,” said AAA Texas spokesperson Joshua Zuber in the press release.
The motor club said Texas drivers were paying the second lowest gas prices on average across the country this 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 $3.195 on Saturday. AAA data indicated prices were also trending upward.
According to OilPrice.com, West Texas Intermediate (WTI) crude ended last week at $80.26 a barrel, while Brent crude ended at $85.91 a barrel.
WTI prices for a barrel of crude oil increased from the lower $70s to around $80 by late week.
“The dynamics of crude oil and gasoline markets continue to be volatile as analysts weigh domestic and international demand outlooks coupled with supply impacts from the war between Ukraine and Russia,” said Zuber in the press release.
The motor club said the upward trend may be short-lived as crude oil futures have been pointing down the past couple of days on news of COVID cases increasing in China.
AAA Texas has said crude oil makes up approximately 50 to 60 percent of the cost of a gallon of gas.
Ultimately, retailers set the final price 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 $2.754 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 $2.71 in the Hub City on Saturday. However, prices were reported as low as $2.43 for a gallon of regular unleaded. GasBuddy.com data on Saturday indicated local prices were holding steady.