Texas Gas Prices Soar As Russia-Ukraine Conflict Pushes Crude Oil Prices To 11-Year Highs
The energy market has been volatile in recent weeks due to the war between Russia and Ukraine, causing uncertainty about Russia's large crude oil supplies.
Watch CBS News
The energy market has been volatile in recent weeks due to the war between Russia and Ukraine, causing uncertainty about Russia's large crude oil supplies.
Russia's invasion of Ukraine has sent oil futures above $100 a barrel and will probably bring $4-a-gallon gasoline to much of the US. But it won't be a major drag on American economic growth.
Recent developments in the conflict between Russia and Ukraine have future oil prices soaring to around $100 a barrel – the highest since 2014.
According to AAA Texas, the gas price average in the state is $3.22 for a gallon of regular unleaded fuel.
The statewide gas price average is $3.00 for a gallon of regular unleaded fuel. That price is four cents more than from this day last week.
According to AAA, the statewide gas price average in Texas is $2.96 for a gallon of regular unleaded fuel.
If Omicron doesn't result in another round of widespread lockdowns, some experts say Americans can expect to see gas prices nearing $4 a gallon in dozens of states.
The statewide gas price average in Texas is $2.91 for a gallon of regular unleaded. That price is two cents more than it was on this day last week.
Gasoline prices have drifted downward over the past few days as concerns of an omicron-driven economic slowdown continue.
One forecast projects prices at the pump will peak nationally at a monthly average of $3.79 in May, before finally retreating below current levels by late 2022.
"Prices may continue to slide as the market continues to assess the latest possible economic impact of the omicron variant," said AAA Texas spokesperson Daniel Armbruster.
The statewide gas price average for a gallon of regular unleaded is $2.91. That price is two cents less than last week and $1.01 more per gallon compared to last year.
Prices at the pump have finally started to creep lower, and according to new government forecasts the trend should speed up significantly in the coming months.
Slight downward movement for the average U.S. price of regular-grade gasoline. Prices fell 2 cents over the past two weeks.
AAA said Thursday that a decrease in demand is leading to a drop in gas prices as crude oil prices also tumble.
"We consume 20 million barrels per day so basically he's (President Biden is)talking about reducing 2 1/2 days worth of supply," economist Bernard Weinstein said.
The average gas price in Texas is $3.00 for a gallon of regular unleaded. That price is five cents less than on this day last week and $1.21 more per gallon compared to last year.
A White House official confirmed to CBS News that President Joe Biden will announce on Tuesday a plan to release 50 million barrels of oil from the U.S.' emergency stockpile.
AAA says 53.4 million people are expected to travel for Thanksgiving—making it close to what it was before the pandemic.
AAA Texas, the statewide gas price average in Texas is $3.03 a gallon for regular unleaded. That price is four cents less than on this day last week and $1.23 more compared to this time last year.
The current fuel rates per gallon statewide are hovering above $3.00.
The statewide gas price average in Texas is $3.07 for a gallon of regular unleaded fuel. That price is $1.27 more per gallon compared to this day last year.
The confirmation of the runaway inflation is also troubling for those working to help families already on the financial edge.
The average gasoline price in Texas is $3.02 for a gallon of regular unleaded -- that's nine cents more than on this day last week and $1.15 more than this day last year.
The statewide gas price average in the Lone Star State is $2.87 for a gallon of regular unleaded fuel, a direct reflection that for the first time since 2014 US oil prices are back above $80 per barrel.
