LUBBOCK, Texas (KCBD) – Drivers in Lubbock are seeing lower gas prices ahead of the Fourth of July holiday travel period, with AAA saying prices are down sharply from this time last month.<\/p>\n
As of June 23, the national average was $3.93 per gallon, the Texas average was $3.38 and the Lubbock average was $3.34. AAA said prices can vary by gas station.<\/p>\n
Crude oil prices drive decline<\/p>\n
Daniel Armbruster, a spokesperson for AAA, said drivers may see some gas stations with cheaper prices as the Independence Day holiday period approaches.<\/p>\n
\u201cSo you might see some gas stations that are cheaper. And we\u2019ve certainly seen prices go down over the last few weeks. But we\u2019re heading into a busy 4th of July holiday period,\u201d Armbruster said.<\/p>\n
Armbruster said the biggest reason prices have been falling is a drop in the cost of crude oil, one of the main ingredients in gasoline.<\/p>\n
\u201cWhen you break down a gallon of gas about half the cost of that gallon of gas comes from crude oil,\u201d Armbruster said.<\/p>\n
Armbruster said crude oil has fallen since the start of June, helping pull down prices at the pump. He said crude oil dropped from about $96 a barrel to $72 a barrel, a $24 decrease.<\/p>\n
\u201cLet\u2019s say the beginning of June we started seeing prices drop. From about $96 a barrel they\u2019re at $72 a barrel then so $24 a barrel cheaper that\u2019s going to send gas prices down. But again, fluctuations remain possible,\u201d Armbruster said.<\/p>\n
AAA said crude oil is the biggest factor in gas prices, but refining, delivery and taxes also help determine what drivers pay.<\/p>\n
Independence Day travel<\/p>\n
AAA expects a busy, possibly record, Independence Day travel period. Armbruster said lower prices could convince more families to travel.<\/p>\n
\u201cWe do expect it to be a very busy, if not a record, travel period for Independence Day as prices come lower, that may incentivize families who are on the fence who might be traveling on a budget,\u201d Armbruster said.<\/p>\n
Armbruster said prices often ease after the Fourth of July, but global uncertainty could still affect oil markets.<\/p>\n
\u201cBut you have to remember there\u2019s a lot of uncertainty surrounding the Strait of Hormuz. A fifth of the global oil supply goes through that strait. But for now we\u2019re seeing crude oil prices drop and if crude oil prices continue to drop, we\u2019ll likely continue to see that on the retail side as well,\u201d Armbruster said.<\/p>\n
AAA said drivers trying to stretch their travel budgets should research prices before choosing a gas station.<\/p>\n
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