Fuel prices are expected to rise drastically in coming months. According to AAA, the average price in Texas has risen $.01 this week, but it its nothing compared to what is in store. Experts are predicting national averages over $4.00 a gallon by spring.
Fred Rozell, retail pricing director at Oil Price Information Service (OPIS), says he expects the national average to reach $4 to $4.25 per gallon for regular gasoline when the market is expected to peak between April and early May. Patrick DeHaan, senior petroleum analyst for GasBuddy.com, projects the national average could hit between $3.75 and $4.15 at some point in May. Both of those predictions indicate that consumers could pay record high prices within the next few months. The all-time high for the national average, according to AAA, stands at $4.11, reached in the summer of 2008. DeHaan also points out gas prices are likely to be higher in major cities.
In Texoma, people are bracing for the hit. Mychelle Merritt co-owns a gymnastics studio in Wichita Falls, she drives a lot to pick kids up. "We run all over Wichita Falls to get the kiddos to the gym, so its going to impact our business a great deal," she said.
The east coast and major cities will bear the brunt of the hikes. A refinery going offline in the US Virgin Islands along with tensions with Iran that could cause a blockade in the Strait of Hormuz are edging prices up.
The speculation is not sitting well with drivers like Merritt. "We keep saying we are waiting for a break in our economy, were waiting for out fuel prices to go down, apparently they're not. So yeah, it can be very frustrating."
You can always find the cheapest fill in your neighborhood right on our web site. Click here to track prices where you are.
Paul Harrop, Newschannel 6