LUBBOCK, Texas – AAA Texas reports the statewide gas price average is now at its lowest level since mid-February 2019.
A lack of agreement between OPEC and non-OPEC countries to cut production and concerns about the coronavirus have caused crude oil prices to plunge, forcing retail gas prices to new 2020 lows.
The statewide average price for a gallon of regular unleaded fuel was reported at $1.980 on Saturday.
“Gas prices usually increase in the spring due to an increase in demand and lower supply, but this year drivers could continue to see lower prices amid concerns over the coronavirus and impacts to global demand,” said AAA Texas spokesperson Joshua Zuber.
AAA Texas said regional stock levels have steadily declined for several weeks, but the lower oil prices are helping drive gas prices lower.
Crude oil prices making up 60 percent of what drivers pay at the pump.
The national average price for a gallon of regular unleaded fuel was reported at $2.281 on Saturday.
AAA Texas reported the average retail price in Lubbock was $1.984 on Saturday.
The website GasBudddy.com, however, reported an average retail price of $1.96 in the Hub City. The website also noted drives could find gas prices as low as $1.88 a gallon.
Prices can range between 20 and 40 centers higher than the statewide average in some communities across the South and Rolling Plains.
