Gas prices tick up around North Texas
NORTH TEXAS (CBSDFW.COM) - Drivers might have experienced sticker shock on Tuesday when gas prices ticked up a bit compared to Monday to the angst of drivers.
"They don't make me happy," said Fort Worth resident Cameron Faulkenberry.
The increasing prices are squeezing wallets and testing patience.
"It's pretty frustrating, my wife right now is living paycheck to paycheck," added Faulkenberry.
"It just kind of almost overnight prices increased and crept up so, I'm not sure what caused it," said driver Christy Green.
So what are the reasons behind this latest jump in prices according to energy experts.
"One is the geo-political issues with Russia and Ukraine, and the second is we still have a little post-COVID hangover that we're trying to deal with, people are finally out," said Bruce Bullock, Director of the Maguire Energy Institute at the SMU Cox School of Business.
"Today's CPI data showed that inflation still above expectations and so oil prices now reversing on the fact that the federal reserve may continue to raise interest rates aggressively," Patrick De Haan, Head of Petroleum Analysis for GasBuddy.
On Tuesday, CBS 11 News found prices ranging from $2.88 to $3.29 a gallon across the metroplex—some in the same area.
So what creates that difference in prices?
"The difference in price you see is largely a factor of what they paid for the last load coming in and what they think they're going to have to pay for the next load that going to come in and how they can cover that," added Bullock.
If you're looking for relief at the pump soon—experts say you may have to wait.
"Don't expect much lower prices, but oil prices go up substantially at least in my view here, keep in mind we are in the midst of hurricane season and unexpected issues can arise but here expect prices to bounce off the lows," added De Haan.
