Oil Prices On The Rise. How Will It Effect Your Wallet? - Newschannel 6 Now | Wichita Falls, TX

Oil Prices On The Rise. How Will It Effect Your Wallet?

Turmoil in Libya and all over the middle east is already effecting oil prices and the cost of gas in your neighborhood.
Dan Ronan with AAA of Texas/New Mexico spoke with Newschannel 6 Monday afternoon about the effects the unrest will have.

"A great deal of the world's oil is not only produced there but it is transported there because of the Suez Canal," said Ronan.

The cost of gasoline in Texas is up $0.50 from this time last year. Right now we are sitting at the exact same prices we were in 2008 and we saw $4.00 a gallon gas that summer.
Ronan isn't saying we will see those prices again but it's possible. On Monday, the price of oil surged $4 for the March futures in electronic trading. That puts the price of a barrel of oil over $90.

Ronan told us if any part of the Middle East is shut down or cannot produce oil there are reserves. He said, "Right now there is an abundance of oil available in the United States in storage and pipelines and the like. So, we're in a situation where there is plenty of oil."

If gas prices do skyrocket there are ways you can make that full tank of gas last longer.
AAA of Texas recommends the following to keep your fuel efficiency at it's peak:
- Change your oil frequently.
- Keep your tires at their recommended pressure.
- Drive the set speed limit.

You can also find the cheapest take of gas in your neighborhood right here on our website. Just go to the home page and look on the right side. When you see the Cheap Fills link click on it and it will show you prices in your area.

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