LUBBOCK, Texas – The average price for a gallon of regular unleaded fuel is now below $2 per gallon in all the state’s major cities surveyed, according to a news release from AAA Texas.
AAA Texas said they expect gas prices to push cheaper by at least another quarter in April.
The decline is due to COVID-19’s chilling effect on the global economy and the crude oil price war between Saudi Arabia and Russia.
The statewide average price for a gallon of regular unleaded fuel was reported at $1.678 on Saturday.
“Until crude oil prices and gasoline demand increase, cheaper gas prices are likely here for the foreseeable future,” said AAA Texas spokesperson Daniel Armbruster. “AAA expects gas prices to keep dropping as cheap crude combines with the realities of people staying home and less demand for gas.”
The national average price for a gallon of regular unleaded fuel was reported at $1.944 on Saturday.
COVID-19 is not impacting the U.S. gasoline supply. The U.S. has an unusual amount of winter-blend gasoline still available for this time of year, the AAA Texas said.
This caused the Environmental Protection Agency (EPA) to extend the sale of winter-blend past the May 1 deadline to May 20. The agency said they would continue to monitor and may extend the waiver again.
AAA Texas reported the average retail price in Lubbock was $1.744 on Saturday.
The website GasBudddy.com, however, reported an average retail price of $1.72 in the Hub City. The website also noted drives could find gas prices as low as $1.57 a gallon.
