LUBBOCK, TX — The average price for regular unleaded gas in Texas has dropped to $2.82 per gallon, 5 cents lower than last week and 41 cents less than this time last year.
According to the AAA Texas Weekend Gas Watch, El Paso currently has the highest average at $2.98 per gallon, while Lubbock drivers are paying the least at $2.63. Nationally, the average price is $3.22.
Gas prices usually rise in the spring due to increased travel and the switch to summer-blend fuel, but this year, prices are falling. The reason is a recent announcement from OPEC+ to boost oil production by over 400,000 barrels a day starting next month. That has caused crude oil prices to drop below $60 a barrel—the lowest since February 2021.
Since crude oil makes up about half the cost of gasoline, lower oil prices are bringing down prices at the pump. Meanwhile, national gas demand has slightly decreased, along with gasoline supply and production, according to the U.S. Energy Information Administration.
If these trends continue, drivers may continue to see lower fuel prices heading into summer.
AAA Weekend Gas Watch April 16
Subscribe to the LIVE! Daily
Required
Post a comment to this article here: