LUBBOCK, Texas – Gasoline prices in Lubbock have gone up to an average $3.42 per gallon according to LubbockGasPrices.com., as the demands for oil and prices increase and tensions between Russia and Ukraine have peaked.
As of Friday afternoon, prices in Lubbock ranged from $3.07 to $3.69, according to LubbockGasPrices.com. A month ago, the average price was less than $3.00 per gallon in Lubbock. A chart from the same website showed the current trend of higher prices started on February 27.
As of Friday, the statewide average price is at $3.49 for a gallon of regular unleaded gas, according to AAA Texas, and the national average is approximately $3.84.
The front-month futures price of both Brent and West Texas Intermediate (WTI) crude oil have increased to more than $100 per barrel, according to U.S. Energy Information Administration.
Blustery winter weather and geopolitical tensions concerning Russia and Ukraine continue to drive the price of oil higher, AAA Texas said.
“The Russian invasion of Ukraine has sparked high level concern that oil production could eventually be stifled, or even sanctioned, from the world’s second largest oil producer, leading to less supply as demand grows. That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
