Just about everyone is feeling the pain at the pump.
AAA says the average cost of a gallon of regular gas in Texas was $2.50 last year.
A month ago, that price was $3.08.
Now, AAA says gas is nearly $3.50 in some areas.
Energy experts say the price is on the rise for several reasons, such as the pandemic leading to supply chain issues, and now the war in Ukraine.
“Companies borrow money to buy the oil,” University of Houston finance Professor Craig Pirrong said. “A lot of banks are saying, ‘Hey, we’re worried about being sanctioned, so, we’re not going to lend the money.’ That’s why some Russian production is not reaching the market.”
Pirrong said gas prices will only keep climbing depending on how long the war lasts.
The professor added gas could hit more than $4 a gallon in Texas and remain high for the remainder of the year.