Many Factors Blamed for Pain at the Pump - KAUZ-TV: Newschannel 6 Now | Wichita Falls, TX

Many Factors Blamed for Pain at the Pump

Just one month ago the price to fill up your tank averaged $3.35 a gallon. Tuesday the current state average was $3.59 a difference of 24 cents.

Newschannel 6 learned it's not just Hurricane Isaac and the upcoming Labor Day travel that's causing a pain at the pump, there are hidden costs.

Rudy Montano has a few choice words for gas prices, "Quick, they go quick." he said.

In the last week the price for a gallon of regular unleaded rose 4 cents in Texas from $3.55 to $3.59.

"Twenty-dollars gave me a quarter tank, now it gives me a little over an eighth," he said.

With Hurricane Isaac and Labor Day Weekend approaching some fear those two combined could potentially impact their wallet even more but that may not be the case.

"I have no reason to say that it won't go up but I doubt that it will," said Assistant Professor of Economics at Midwestern State University, Dr. Jim Owen.

He believes that since we've already seen an increase in prices this week, things can't get much worse, unless of course Hurricane Isaac proves to more dangerous.

"Unless the hurricane is really severe and it hangs around a long time and they are unable to reopen their probably won't be much of a slowdown in the production of gasoline."

The price we're paying at the pump doesn't just reflect Isaac and the demand for gasoline during the holiday weekend. What happens thousands of miles away is felt right here in Texoma.

"We had the fires in the refineries in Venezuela and the one in Richmond, California." said Dr. Owen.

It could be worse. Tuesday the national average for a gallon of regular unleaded was $3.76, 17 cents more than what we're paying in Texas.

The peak in prices could be short-lived. Vacation season ends this weekend, and prices tend to fall after the summer driving season.

Click here to find the cheapest gas in your area.

 

Crystal Hall Newschannel 6.

Powered by Frankly