LUBBOCK, Texas (KCBD) – The statewide gas price average in Texas is $3.60 per gallon for regular unleaded fuel, according to AAA Texas Weekend Gas Watch. It’s down 14 cents from last week, but still 85 cents higher than this time last year. In Lubbock, the average price of gas is $3.30, down 8 cents from last week, and 70 cents more than a year ago. Lubbock has the cheapest gas statewide, with Amarillo close behind by a 4 cent difference. El Paso is touting the highest average in Texas, at $3.80 a gallon. The national average is $4.03, a 6 cent drop from last week, and still up 86 cents from last year.
Texas gas prices have fallen for the second straight week, giving drivers a bit of relief even as international oil market volatility continues. Although prices at the pump have eased, crude oil remains elevated, as tensions involving Iran and shipping disruptions in the Strait of Hormuz continue to create uncertainty in global energy markets. The latest Energy Information Administration data shows U.S. gasoline inventories dropped by 4.6 million barrels last week, showing supply-and-demand dynamics could continue to influence fuel prices in the weeks ahead.
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