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.

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