Gas Hits $2.99 a Gallon in Lubbock - KCBD NewsChannel 11 Lubbock

8/31/05

Gas Hits $2.99 a Gallon in Lubbock

Gas prices continue to rise. Most Lubbock stations are now selling gas for $2.99. But there are a few stations with slightly lower prices. The good news is there is not a gas shortage but the bad news is prices may continue to increase. Lynton Allred, Executive Vice President of the Texas Petroleum Marketers and Convenience Store Association says, ""The prices are basically increasing from the supplier. The refiners, the producers inform the wholesale market what the new price will be and the effective time of the new increase. That's where the price increases have come from the past two days that have been so monumentally large."

We've had several viewer calls and e-mails about price gouging at the gas pump. Allred tells us gouging only exists if there is a state or national emergency. It is legal for stations to raise their costs when they hear of an increase from their supplier even before they run out of their current supply.

There are no state laws on a minimum or maximum gas price. The Texas Attorney General's office is watching for possible price gouging. To file a complaint, call his office at 1-800-252-8011 or ( click here ).

What is Today's Gas Price Average in Texas?
Find out the latest average price at the pump for the entire state of Texas. (Numbers are updated daily.)

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