In Dallas, the price of a gallon of gas broke the $3 barrier, with the average price hitting $3.045 Wednesday, says AAA. Texas usually boasts some of the lowest gas prices in the country, with PA News reporting that prices have not been this high in seven years. Compared to last year’s price, around $1.15 cheaper than the current day, Texas residents observe a spike in price not seen in years.
The cause, Markets Insider reports, is the price of crude oil. Along with refining and distribution, crude oil plays a lead role in the price of consumer gasoline. In August, the official price of crude oil was set at $60 per barrel. Before imports, the price is at around $80 per barrel today.
Patrick De Haan, GasBuddy Head of Petroleum, researches the factors affecting the price of gas. He told Dallas Morning News, “The national average had been stable for a long period of time, but suddenly the price of oil surged, and the price of gasoline followed along with it.” He cites an increase in energy use in developing countries as a key issue. Without ample infrastructure for other power sources, countries such as China resort to crude oil. The oil and gas industry is very tightly regulated, as the Organization of Petroleum Exporting Countries set a production limit in July, and has yet to expand.
Despite having a refinery nearby, El Paso saw their gas prices jump to $3.50 nearly overnight, a KISS F.M blog writes. As winter storms affected gas availability across Texas, El Paso remained relatively untouched. However, the simple imbalance of supply and demand seems to leave no area unscathed. Riding a bike or walking are options Texans can take to help relieve the gas shortage and reduce their carbon footprint.
