Lubbock Sees Lowest Gas Prices in Texas Despite Statewide Increases

LUBBOCK, TX — Despite a statewide rise in gas prices following Hurricane Beryl, Lubbock drivers are benefiting from the lowest average gas prices in Texas.

According to the AAA Texas Weekend Gas Watch, Lubbock’s average price for a gallon of regular unleaded fuel is $2.97, unchanged from a week ago and twenty-one cents lower than a year ago.

Statewide, the average price for a gallon of regular unleaded fuel has increased to $3.17, which is seven cents higher than a week ago and the same as this time last year. El Paso has the highest average price in the state at $3.45 per gallon, while drivers in Amarillo and Lubbock enjoy the lowest prices at $2.97 per gallon.

Nationally, the average price for a gallon of regular unleaded fuel is $3.54, reflecting a three-cent increase from last week and identical to the price a year ago. This slight rise comes despite the impact of Hurricane Beryl on the Texas coast, a record number of July 4th travelers, and oil prices remaining above $80 per barrel.

“Analysts say the impact on oil production and refining from Beryl was minimal,” said AAA Texas spokesperson Doug Shupe. “Some areas saw double-digit price increases, but overall the storm did not have as big of an impact as it could have. However, we are still early in the hurricane season.”

Given how critical the Gulf of Mexico is to energy, analysts say a strong enough hurricane in the region could further and more harshly impact states like Texas and Louisiana by impacting the supply and leading to price spikes, given that those states account for a sizable portion of the country's refining power.

New data from the Energy Information Administration (EIA) reveals that gas demand slightly dipped from 9.42 million barrels per day (b/d) to 9.39 million b/d last week. Concurrently, domestic gasoline stocks decreased from 231.7 million barrels to 229.7 million barrels, while gasoline production increased, averaging 10.3 million barrels daily. This combination of tepid gasoline demand and fluctuating oil costs may result in short-term stability in pump prices.