LUBBOCK, Texas — Rising demand for gasoline, impacts from winter weather and fluctuating crude oil prices forced gas prices up across the Lone Star State and many parts of the US this week, according to a press release from AAA Texas.
However, gas prices began a slight decline by the end of the week.
The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $2.874 on Saturday. AAA data indicated prices were trending downward.
“Busy year-end holiday travel and winter weather impacting refinery operations caused gasoline prices to increase over the last week,” said AAA Texas spokesperson Daniel Armbruster 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 San Antonio.
AAA Texas said late December’s winter weather and frigid temperatures caused gas prices to spike, with refineries on the Gulf Coast forced to shut down temporarily.
The weather also caused holiday travelers to fuel up and hit the road early. This lead to a spike in overall gas demand.
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 $3.285 on Saturday. AAA data indicated prices were also trending downward.
According to OilPrice.com, West Texas Intermediate (WTI) crude ended the week at $73.77 a barrel, while Brent crude ended at $78.57 a barrel.
AAA Texas has said crude oil makes up approximately 50 to 60 percent of the cost of a gallon of gas.
“Drivers can improve their gas mileage by following proper vehicle maintenance, driving within posted speed limits and choosing the correct grade of gasoline,” Armbruster in the press release.
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 $2.859 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 $2.82 in the Hub City on Saturday. However, prices were reported as low as $2.69 for a gallon of regular unleaded. GasBuddy.com data on Saturday indicated local prices were downward.