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Thursday, May 26, 2022
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Gas Prices Spike Again in Texas

Business, Featured

Gas station | Image by Michael Vi

The price of fuel is rising, meaning people have to dish out more money to cover their traveling costs.

The latest data from AAA shows that gas prices in Texas have hit an all-time high. The average selling price for a gallon of regular unleaded gas in the state is $4.110, and the average for Dallas was $4.190 as of May 13.

The average price of regular unleaded fuel in Dallas has gone up slightly since yesterday, $0.22 since last week, and $1.13 since a month ago.

“Everything’s going up, so we just have to accept it, and that’s the way it’s going to be for now with the pandemic and then the war. It’s just the price we’re going to have to pay for a while,” said one driver to Fox 4.

Currently, El Paso has the highest average per gallon in the state, sitting at $4.280 a gallon for regular gas.

“It’s really jumped in just the last month, and we kind of saw it dip a little bit, but now as we get closer to summer driving season with the increase in demand, we’re seeing that go back up,” said Daniel Armbruster, a AAA Texas spokesperson.

According to Armbruster, the fluctuating price of crude oil is now above $100 per barrel, so consumers are spending more at the pump. As of May 11, the oil price was $104.58 per barrel, compared to around $65 in 2021. Armbruster adds that crude prices account for half of the cost of a gallon of gasoline.

“When you factor in the volatility in the market, with demand increasing due to travel and leisure, and of course, the supply chain issues related to the COVID pandemic, all of that is really pushing the price back up,” said Armbruster.

In April, President Joe Biden addressed the matter, stating that one key factor increasing costs is European countries’ desire to reduce their dependency on Russian oil and gas.

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