Texas gas prices keep soaring. Now Russia’s war in Ukraine is pushing prices even higher
Texans are paying the most for gas in nearly eight years.
Average gas prices have continued to steadily rise, jumping in Texas by 25 cents in the last week. The average price on Friday was $3.49 per gallon, compared with $3.24 when Russia invaded Ukraine.
“Oil prices have skyrocketed to 11-year highs due to the volatility in global crude markets caused by Russia’s invasion of Ukraine,” said AAA Texas spokesperson Daniel Armbruster in a press release. “Demand for gasoline will only increase as spring approaches and more people travel. Couple that with rising crude oil prices and drivers can expect to continue to see even higher fuel prices in the days and weeks ahead.”
The price spike is similar to what happens after a major hurricane, says AAA Texas. The last time gas prices were around the same was in August 2014, when the state average was $3.38.
Texas drivers are paying the third lowest gas price average in the country. Still, that may be little
How high are gas prices in Fort Worth, Tarrant County?
In Tarrant County, the price per gallon is $3.56 on average.
Fort Worth-Arlington, with the third highest prices among Texas metros, went from $3.30 a week ago to $3.56 Friday. That’s only 42 cents away from the $3.98 all-time high in 2008.
The lowest gas price in Fort Worth was $2.89 on Friday. Click here for the 10 cheapest gas stations in the city.
Among all the state’s metro areas, drivers in El Paso are paying the most on average at $3.72 per gallon. Drivers in Amarillo are paying the least at $3.36 per gallon.
How is the Russian invasion affecting prices?
The war between Russia and Ukraine has caused uncertainty about Russia’s crude oil supplies making it onto the global market. That uncertainty has made oil spike to $115 a barrel, as of Friday.
“The Russian invasion of Ukraine has sparked high level concern that oil production could eventually be stifled, or even sanctioned, from the world’s second largest oil producer, leading to less supply as demand grows,” said Patrick De Haan, head of petroleum analysis at GasBuddy, in a statement. “That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future.”
Here’s a breakdown of what’s behind the surge in gas prices.
How high will gas prices go?
Gas prices will likely continue to rise as drivers gear up for spring travel, experts project.
“In addition to the unstable situation with the Russian invasion, we’re also entering the time of year that seasonality pushes gasoline prices up by anywhere from 25 to 75 cents by Memorial Day. It’s simply looking like a perfect storm for motorists at the pump, with little to no relief anytime soon,” De Haan said.
How can you save money on gas?
AAA offers these tips to save money on fuel:
- Slow down and drive the speed limit. Higher speeds result in more aerodynamic drag.
- Avoid “jackrabbit” starts and hard accelerations. These greatly increase fuel consumption.
- Use cruise control on the highway to help maintain a constant speed. Never use cruise control on slippery roads.
- Minimize your use of air conditioning.
- Avoid extended idling to warm up the engine, even in colder temperatures. It’s unnecessary and wastes fuel.
- Maintain your car according to the manufacturer’s recommendations. Regular service will ensure optimum fuel economy.
- Make sure your tires are properly maintained and inflated to the correct level.
- When driving in town, adjust your speed to “time” the traffic lights. This reduces repeated braking and acceleration.
- When approaching a red light or stop sign, take your foot off the gas early and allow your car to coast to a slower speed until it is time to brake.
This story was originally published March 4, 2022 at 5:48 PM.
