Oil price increase has gas following suit

Texas now averages $2.75 per gallon
The average price of gas is increasing nationwide.
The average price of gas is increasing nationwide.(KCBD)
Updated: Jun. 10, 2021 at 11:57 AM CDT
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LUBBOCK, Texas (KCBD) - With oil futures selling around $70 per barrel in major indexes, the price of gas is going up nationwide. Texas now averages $2.75 per gallon.

That is cheaper than most places in the United States where the national average is $3.07, according to AAA. The state ranks the third lowest in the country.

Lubbock averages $2.71 per gallon. Many surrounding counties are close to that, with the exception of Yoakum County where the average is $3.01 and Dickens County averaging $3.17.

Around the state, AAA reports El Paso residents are paying the most in a major metropolitan area at $3.12. Amarillo residents are paying the lowest at $2.64 per gallon.

Crude oil prices have been going up in recent days because of an anticipated increase in fuel demand globally, according to Reuters. Though demand is expected to go up, international producers have not increased supply.

AAA anticipates the price of gas to continue to fluctuate, but there is an expected drop-off in fuel prices once oil stockpiles increase.

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