Gas prices increase further as global supplies tighten, AAA Texas reports

State & Regional

LUBBOCK, Texas – Gas prices continued to increase this week across the state and the nation as global supplies tighten, according to a news release from AAA Texas. 

The U.S. government also announced a plan to end the use of waivers for countries to import oil from Iran.

“As the U.S. further blocks Iranian oil exports, global supplies are expected to continue tightening and retail gas prices will likely keep going up,” said Daniel Armbruster, AAA Texas/AAA New Mexico spokesperson “The retail price increase will be dependent on how expensive crude oil becomes and for how long.”

On Saturday, AAA reported the statewide gas price average in Texas was at $2.63 for a gallon regular unleaded fuel. 

The national average price for regular unleaded was $2.89 per gallon.

Regional refinery utilization remains relatively steady, around 90 percent, and the south and southeast regions of the U.S. are the only ones to measure at a year-over-year surplus, AAA Texas said.  

All of this means that states in these areas, including Texas, could see only moderate changes in retail prices through the end of the month.

On Saturday, AAA reported that average price for regular unleaded in Lubbock was $2.58 a gallon was also reporting an average price of $2.58 in Lubbock on Saturday.

Drivers in the Midland area continue to pay the highest prices in Texas. The lowest prices in the state on Saturday were in the San Antonio and Tyler areas. 

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