WF gas prices rise, but are still a bargain compared to rest of U.S.
Americans are seeing price increases at the gas pumps, largely the result of sanctions placed on Russia as the result of that country’s invasion of Ukraine. The U.S. gets about three percent of its oil from Russia.
Prices have edged up in Wichita Falls, but North Texas remains one of the cheapest places in the nation to fuel up.
On Thursday, the GasBuddy website listed the best prices in the city at about $3.15 per gallon at several stations while a few were up to $3.44.
The statewide average in Texas was $3.37, according to the American Automobile Association, while the national average was $3.72. California and New York had the highest fuel costs at $4.94 and $4.92 respectively.
Many industry analysts predict the national average price will soon pass $4, with some predicting $5 gas in the near future. Wichita Falls gas has traditionally cost less than the national average.
The price of gasoline is directly connected to the price of crude oil. On Thursday U.S. crude oil passed $116 per barrel before retreating slightly later in the day. That’s still well below the record price for U.S. crude of $147 reached briefly in 2008, when the national average price for gas rose above $4 per gallon.
The International Energy Agency will turn the spigot on 60 million barrels of crude – mostly from the U.S. – to dull the impact of rising prices. The U.S Strategic Petroleum Reserve is already at its lowest level in nearly 20 years, according to Reuters.
While rising oil prices are painful for consumers, they can benefit the oil industry, which is a key player in the North Texas economy.
This article originally appeared on Wichita Falls Times Record News: WF gas prices rise, but are still a bargain compared to rest of U.S.
