Texas gas prices fourth lowest in U.S. - KCBD NewsChannel 11 Lubbock

Texas gas prices fourth lowest in U.S.

LUBBOCK, TX (KCBD) -

Texas has the fourth cheapest gas according to gasbuddy.com.

The lowest gas reported in Lubbock was reported was $2.94, but the lowest recorded price that KCBD found was $2.97. Bolton's oil on 82nd and University had gas for $2.99.

The cost of gasoline has been dropping since January, and on Wednesday it sunk past the $3 mark, giving Lubbock consumers something to rejoice about.

For an average consumer the drop is great news, but for one local landscaping company owner, this means an even bigger load off.

"If you're using between 15 and 20 gallons of gas just on equipment - not to mention on my truck - everywhere I have to go."

It's all based on crude oil - and when that price drops, it affects everybody at the pump.

"An 8 dollar drop in crude oil, from 110 to 102 dollars a barrel, is roughly a 20 cent drop in gasoline," said Michael Noel, associate professor of economics at Texas Tech.

He said that crude oil is an international commodity, and as long as issues overseas are calm, the cost of crude oil will remain relatively low.

Natural disasters can also patch on a hefty fine for crude oil.

"Conditional on no hurricane and conditional on the Middle East staying in a similar pattern, then we should see prices trickle down over at least the next few weeks," Noel said.

You can find more information on gas prices and trends here: http://www.texasgasprices.com/index.aspx

Copyright 2013 KCBD. All rights reserved.

  • Local News on KCBD.comNewsMore>>

  • US women beat Canada for gold in a 3-2 shootout thriller

    US women beat Canada for gold in a 3-2 shootout thriller

    Thursday, February 22 2018 2:34 AM EST2018-02-22 07:34:20 GMT
    Thursday, February 22 2018 5:45 AM EST2018-02-22 10:45:20 GMT

    Twenty long years after taking gold when the sport debuted in 1998, the United States snapped Canada's streak of four straight Olympic golds with a 3-2 shootout victory.

    Twenty long years after taking gold when the sport debuted in 1998, the United States snapped Canada's streak of four straight Olympic golds with a 3-2 shootout victory.

  • Nowitzki 'disgusted' by report of hostile workplace for Mavs

    Nowitzki 'disgusted' by report of hostile workplace for Mavs

    Wednesday, February 21 2018 2:13 AM EST2018-02-21 07:13:50 GMT
    Thursday, February 22 2018 5:36 AM EST2018-02-22 10:36:22 GMT

    The Dallas Mavericks have hired outside counsel to investigate allegations of inappropriate conduct by former team president Terdema Ussery in a Sports Illustrated report that described a hostile workplace environment for women.

    The Dallas Mavericks have hired outside counsel to investigate allegations of inappropriate conduct by former team president Terdema Ussery in a Sports Illustrated report that described a hostile workplace environment for women.

  • Wise gives it all, and comes out with another Olympic gold

    Wise gives it all, and comes out with another Olympic gold

    Wednesday, February 21 2018 11:26 PM EST2018-02-22 04:26:51 GMT
    Thursday, February 22 2018 5:36 AM EST2018-02-22 10:36:09 GMT

    It's the seventh gold medal for the U.S. in Pyeongchang, five of which have come from snowboard and freestyle skiing events.

    It's the seventh gold medal for the U.S. in Pyeongchang, five of which have come from snowboard and freestyle skiing events.

Powered by Frankly