LUBBOCK, Texas — Following a slight decline earlier in the week, retail gasoline prices rose again by week’s end, according to AAA data.
A Thursday press release from AAA Texas said at the time retail gasoline prices were declining due to lower demand, slightly cheaper crude oil prices and refineries returning closer to normal operation after impacts from the year-end winter weather.
However, crude oil prices made gains throughout the week.
According to OilPrice.com, West Texas Intermediate (WTI) crude ended the week at $79.86 a barrel. It ended the previous week at $73.77 a barrel.
The statewide average price for a gallon of regular unleaded fuel in Texas was reported at $2.921 on Saturday. AAA data indicated prices were trending upward.
The highest gas prices in the state were reported in El Paso. The cheapest gas prices were reported in Sherman-Denison.
AAA Texas said drivers across the state were paying the lowest gas prices on average across the country this week.
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 $3.294 on Saturday. AAA data indicated prices were also trending upward.
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.
“Remember to research gas prices by using a mobile app, such as the AAA mobile app, to see how much stations are charging,” said AAA Texas spokesperson Daniel Armbruster in the press release.
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 $2.854 on Saturday. AAA data showed local prices were rising.
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 $2.81 in the Hub City on Saturday. However, prices were reported as low as $2.55 for a gallon of regular unleaded. GasBuddy.com data on Saturday indicated local prices were holding steady.