The national average reached $4.23 a gallon on Wednesday, according to AAA – the highest price since after Russia invaded Ukraine in 2022.
DALLAS — Tuesday night, gas was $3.69 at a Quik Trip in Arlington.
By Wednesday afternoon, it was up to $3.99. And at some stations across North Texas, it was $4.09 and rising.
“Been a long time since I’ve seen that. A long, long, long time,” said Rufus Banks, a truck driver with 25 years behind the wheel.
Diesel is even higher, averaging $4.97 a gallon in Texas.
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Banks had just spent $130 on half a tank for his semi. His personal vehicle is an F250 pickup, which costs just as much.
“Here in the Dallas metro area, to see diesel this high, it’s unbelievable,” Banks said.
What’s causing this spike?
Uncertainty in Iran is the reason, according to AAA.
“It’s a good reminder that what happens around the world can impact us right here in North Texas, and that’s what we’re seeing when it comes to fuel prices,” said Triple A spokesman Daniel Armbruster.
Armbruster said the switch over to the summer blend of gasoline, which often causes an increase in prices, happened several weeks ago, so consumers have already felt that impact.
How can you save money on gas?
“You can’t control geopolitical tensions. You can’t control the price of crude oil. But what you can control is your behavior behind the wheel,” Armbruster said.
To save money on gas, Triple A offers these suggestions:
Avoid quick acceleration.Drive the speed limit.Use cruise control when is safe to do so.Maintain your vehicle.Keep tires properly inflated.Use a mobile app to track cheaper gas and use online planning tools to help map road trips.Avoid prolonged idling.
The agency has additional gas-saving tips online.
How is this impacted the Texas oil industry?
Crude oil prices were back over $105 a barrel on Wednesday.
Rey Trevino, director of operations at Pecos Country Operating, LLC, said the sweet spot where gas is affordable, and his industry is profitable, is about $80 a barrel.
Pecos Country Operating is an oil and gas exploration and production company based in Fort Worth.
While consumers assume higher oil prices equate to higher profits, he said they also mean higher costs, so he said most companies associated with the Texas oil industry are exercising capital discipline.
“Just staying vigilant this year. Continuing with our plan to produce, and also explore and drill new wells. However, we don’t go out of our means and drill even more wells that weren’t scheduled,” he explained.