The average price of gas in Texas has surged $0.36 in just a week. Now analysts are dishing just how high the price at the pump will go up.
A barrel of oil now costs $120. That, combined with conflict in Ukraine and Russia and the soaring global demand for gas are factors driving up the price of gas, according to KSAT. There's also a diminished refining capacity to blame, according to Patrick DeHaan, chief petroleum analyst for GasBuddy, told the news outlet.
"Refining capacity has fallen more than demand has, and that’s a point of contention that’s led to multi-year lows in gasoline supply," DeHaan said.
The current average price of gas in Texas is $4.601, according to AAA as of Tuesday (June 7). A week ago, that number was $4.244, and a year ago, it was $2.698.
When asked about the probability of gas reaching $5 a gallon in the Lone Star State, DeHaan replied. "It’s not impossible. I hope not, but as long as Americans keep filling their tanks at the same pace, it will keep going up."
These high gas prices can be expected to stick around through the summer and hurricane season.
Need to fill up? Here's the best day of the week to get gas in Texas.