LUBBOCK, Texas — The statewide pump price average continues to sit at the cheapest level since February 2016, according to a news release from AAA Texas.
“It is no surprise that gas prices are falling around the Lone Star State due to the demand destruction caused by COVID-19,” said AAA Texas spokesperson Daniel Armbruster. “Oil prices traded in the negative for the first time ever earlier this week, but gas prices are not forecast to go negative as there are several components which go into a gallon of gasoline.”
The statewide average price for a gallon of regular unleaded fuel was reported at $1.521 on Saturday.
According to the latest U.S. Energy Information Administration report, gasoline demand did rose slightly to 5.3 million barrels per day last week.
The report showed refinery utilization is at 68% nationally and just under 74% in the Gulf Coast region.
The gasoline supply, however, is very high across the country with many storage facilities at capacity.
The national average price for a gallon of regular unleaded fuel was reported at $1.780 on Saturday.
AAA Texas said they don’t expect gas prices to fall into negative territory as many factors go into the price of a gallon of gas.
These factors include transportation, marketing as well as retailers set individual prices at gas stations.
In Lubbock, AAA Texas reported the average retail price was down to $1.524 on Saturday.
The website GasBudddy.com, however, reported an average retail price of $1.50 here in the Hub City. The website also noted drives could find gas prices as low as $1.40 a gallon in Lubbock.
