Fuel prices down for the 4th

LUBBOCK — The Lone Star State saw the lowest Independence Day gas price, averaging below $2 per gallon, for the first time in 16 years. According to our news partner KETK, the last time fuel prices were this low was July 4 of 2004. The statewide average price for a gallon of regular unleaded fuel was reported at $1.88 on Sunday and was trending downward slightly.

While gas prices had been steadily increasing for eight consecutive weeks they’re now holding steady statewide. The latest Energy Information Administration (EIA) report showed gas demand took a slight step back to 8.56 million barrels per day from 8.61 million barrels per day last week. Alongside decreasing demand, total domestic gasoline supplies grew by 1.2 million barrels to 256.5 million last week. The national average price for a gallon of regular unleaded fuel was $2.180 Saturday and was trending upward. In Tyler, AAA Texas reported the average retail price was reported at $1.84 on Saturday. In 2019, the average was $2.39 with the highest recorded in 2008 at $3.97.