Lubbock gas prices drop six cents this week

Lubbock gas prices drop six cents this week

Posted:
LUBBOCK, Texas -

The average price for a gallon of regular unleaded is $2.36 this week, according to AAA Texas. It's a drop of six cents compared to a week ago.

The statewide average is $2.37, down four cents. The most expensive gas of surveyed cities in the state is Midland at $2.60. McAllen has the lowest at $2.17.

Nationwide the average dropped four cents this week, to $2.67.

Here is more information from AAA Texas:

Pump prices usually trickle higher during the summer months due to increased demand

The statewide gas price average in Texas is $2.37 for a gallon of regular unleaded fuel, according to the AAA Texas Weekend Gas Watch. That price is four cents less than on this day last week and is 32 cents less per gallon compared to this day last year. Of the major metropolitan areas surveyed in Texas, drivers in Midland are paying the most on average at $2.60 while drivers in McAllen are paying the least at $2.17 per gallon. The national average price for a gallon of regular unleaded is $2.67, which is four cents less than this day last week and 20 cents less than the price per gallon at this same time last year.

The statewide gas price average has followed a consistent downward trend since mid-April, which is unusual for this time of year. Pump prices usually trickle higher during the summer months due to increased demand. However, the latest Energy Information Administration (EIA) report reveals that total domestic gasoline inventories jumped a million barrels last week, helping to push pump prices lower. Strong production output and increased imports have helped gasoline storage levels grow consistently over the past weeks.

“Drivers are saving at the gas pump during the busiest time of year for travel,” said Daniel Armbruster, AAA Texas spokesperson. “The average Texas family will save more than four dollars per tank, compared to this time last year.”

As regional gasoline inventories continue to build, prices have continued falling across south and southeast regions of the U.S. However, crude prices increased late last week as a result of an attack on two tankers in the Gulf of Oman. This attack heightened market fears that rising tensions could continue in the Middle East and negatively impact crude oil availability. Approximately 20% of global crude supplies flow through the waterway. The Trump Administration attributed the attack to Iran, however, the country denies the accusation. If tensions between the U.S. and Iran escalate, the market will likely continue pushing global crude prices higher.

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