WICHITA FALLS, TX (KAUZ) - Gas prices are at their highest level since 2014. A recent GasBuddy forecast shows motorists are expected to pay billions more in fuel cost this year compared to last year.
"I think with the oil at 60 we will see a little uptick in the price of gasoline at the pump," Donald Hupp, Gunn Oil Company President said. "If it goes to 80 dollars we will probably see at least 50 percent increase in a gallon of gas."
The GasBuddy's 2018 forecast shows the price for a gallon is expected to average $2.57 this year. Hupp said all of this is strictly due to oil prices.
"That's where you get your gasoline from oil and if the price of oil goes up obviously the by-product of gas will go up also," Hupp said.
According to GasBuddy last year the average household spent was just over $1,700 on gas and this year is expected to be almost $1,900 an increase of $133. This is an amount drivers we talked to will have an impact.
"It's definitely going to affect our family I mean we live from pay check to pay check and so when prices go up it's definitely affecting us," Kara Mowrey said.
Other motorists said they really don't have a choice when it comes to gas prices.
"I have a car and I have to have gas. We have to get to places so if it goes up, it goes up, which I hope it doesn't." Dyvon Vick said.
The forecast also shows the price of gas will be the lowest in February and the highest in May.