News

Actions

Will it happen? $4 a gallon gas in Central Texas?

Posted at 9:37 AM, Mar 03, 2022

WACO, Texas — Gas prices have shot up, having reached $3.29 per gallon today in Waco.

The new statewide average is now $3.38 for regular, according to AAA Texas, nearly $1 higher than this time last year.

Nobody wants to pay more for gas, but experts are almost guaranteeing prices will keep going up right down the road.

The current crisis in Ukraine is fueling higher prices at the gas pump in Central Texas and around the world."

"I don't like it," Jim Paul of Waco told 25 News while filling up his car this week.

Paul is cutting back on travel to save what he can.

"I drive to and from work and to and from the store and that's about it," Paul said.

Sylvia Gonzalez has a construction business in Waco.

She's losing money every time she goes to a jobsite.

"Oh, it's going to hurt us really bad because I do [home remodeling] and it's really hard for us to travel from here to there," Gonzalez said.

Daniel Armbruster with AAA Texas monitors the factors that influence the price you pay.

"It's a really good example of what happens around the globe impacts us in Texas," Armbruster said.

President Joe Biden announced this week the U.S. and allies will release 60 million barrels of oil to offset the cost.

"My administration is using the tools, every tool at its disposal to protect American families and businesses from rising prices at the gas pump," the president announced earlier this week.

According to Armbruster, tapping into the U.S. oil reserve does not help much.

"When that was done a few months ago it didn't have a big impact," Armbruster said.

AAA Texas warns it's only going to get worse.

Spring Break travel is right around the corner and the more expensive summer blend of gas will be out in April.

"Some market analysts say we could see gas up to $4 a gallon at the end of this year if something isn't done," Armbruster told 25 News.

For now, drivers will be losing money to Russia's ripple effect, hitting both your gas tank and Ukraine.

"Our heart is there," Gonzalez said. "But it's hard to help a country when we need help here."

AAA Texas suggests a nuclear deal with Iran would help put that country's oil back on the global market and stabilize gas prices.