LUBBOCK, Texas — The statewide pump price average for a gallon of regular unleaded now sits at the cheapest level since January 2009, according to a news release from AAA Texas.
The statewide average price for a gallon of regular unleaded fuel was reported at $1.499 on Saturday.
“COVID-19 has destroyed demand for gasoline for well over a month,” said AAA Texas spokesperson Daniel Armbruster. “This has allowed oil prices to plummet to historical lows at times in April, and gas prices have slid to prices not seen in more than 11 years in the Lone Star State.”
AAA Texas said downward pressure on pump prices is likely to continue due decreased demand and high gasoline stock supplies.
However, since Texas partially reopened on Friday (May 1), there could be a minimal fluctuation at the pump in coming weeks if demand jumps.
AAA Texas reported that refinery utilization increased slightly to just under 75% in the Gulf Coast region last week, according to the Energy Information Administration. Typically, April sees regional refinery rates in the 90% range.
At the national level, refinery utilization sits at 70%. U.S. Gasoline demand rose to 5.9 million barrels per day last week.
The national average price for a gallon of regular unleaded fuel was reported at $1.782 on Saturday.
In Lubbock, AAA Texas reported the average retail price was down to $1.491 on Saturday.
The website GasBudddy.com, however, reported an average retail price of $1.48 here in the Hub City. The website also noted drives could find gas prices as low as $1.39 a gallon in Lubbock.