TYLER, Texas (KETK) – Gas prices in Texas have hit an average of $3.21 per gallon for regular unleaded gas, according to AAA. Future oil prices could reach $100 a barrel due to the conflict between Russia and Ukraine; the highest price since 2014, stated a news release.
Texas fuel prices have increased 35% from a year ago, rising 83 cents.
According to The Hill, experts say that prices are likely to continue to rise if Russia’s invasion into Ukraine widens and new sanctions are imposed by western nations. Experts believe that if Russia’s actions in eastern Europe disrupt the energy market, prices are likely to continue increasing.
For the past few weeks, financial experts and government officials warned that a major war in Europe would disrupt the global economy. The Hill says that Russia is a major producer of petroleum, natural gas and certain key minerals.
“Everything is made from oil, gasoline especially. Prices are going up,” said petroleum geologist, Raymond Woodward.
Woodard said that the United States buys about 7% of the oil used here from Russia and with an invasion, a war and economic sanctions, the price of energy is likely to go up more than it would have.
Out of the major metropolitan areas in Texas, drivers in El Paso are paying the most on average at $3.43 per gallon while drivers in Amarillo are paying at least $3.06. The national average cost of a gallon of regular unleaded gas is $3.54, which is 88 cents more than it was a year ago today.
“The upward momentum from pump prices may have paused for a moment, but don’t expect the slowdown to become a trend as crude oil prices continue to rise amid geopolitical and supply chain issues,” said AAA Texas spokesperson Daniel Armbruster. “With Texas gasoline prices 35% higher than one year ago, AAA Texas reminds consumers that unless your vehicle requires premium fuel, you’re likely just wasting money, according to AAA Automotive research.”
Costs of certain services are expected to increase because of the rising cost of gasoline.
One East Texas business owner said that their lawn care business is being affected because they use fuel often and have had to increase prices.
Woodard said that we can expect the price of groceries to go up as well since companies will have to pay more to receive those items.
Texas, Mississippi and Oklahoma are paying the second lowest gas prices average in the country according to AAA. California currently has the most expensive retail fuel prices at $4.75.
To see the average gas prices in Texas by county, click here.
