Gas prices on the rise nationwide but drop slightly in North Texas
DALLAS - Drivers filling up their tanks in North Texas Friday will actually see slightly lower prices.
But this is one of those times when there are multiple factors all coming together at once to push gas prices higher. And anyone who’s fueled up over the past month has noticed the unpleasant trend.
As of Friday morning, the average price for a gallon of regular gas in Dallas-Fort Worth is $3.56. That’s two cents below what it was Thursday but still higher than it’s been for about nine months.
One week ago, the average was $3.48 and one month ago prices in North Texas averaged 40 cents below where they are now.
"You gotta spend a lot more money. Like right now, I did a run to Fort Worth for $22 and I spent $15 on gas," said Carlos Cabral, an Uber Driver who was filling up Friday morning. "We are spending more money but making less money."
FILE - Gas pumps shown at gas station.
Last month, the overseas oil cartel OPEC announced it was cutting oil production by a million barrels a day.
And on Thursday, Saudi Arabia, a member of OPEC, announced it will extend its own production cuts through September, or maybe longer to boost energy prices.
That’s despite President Joe Biden asking the Saudis to increase oil production.
AAA said another major factor right now is the significant heat wave affecting much of the country, which is taking a toll on the nation’s oil refineries.
Most of those facilities are in the southern states including states like Texas and Louisiana. They are not designed to operate in temperatures above 95 degrees.
July was hottest month ever recorded
Meteorologists say July was the hottest month measured on Earth since records began in 1880.
"We’ve seen a lot of refineries have trouble with the heat. They’re doing a lot more maintenance, a lot more repairs, and have a lot more downtime than they typically do," said Clay Ingram, a AAA spokesman.
Of course, Texans can always take some comfort from the knowledge that the state has among the lowest average gas prices in the country.
The national average price per gallon of regular is $3.82. In California, the price is $5.04 per gallon.
Economists predict gas prices will drop by October but said hurricane season could lead to more short-term hikes before then.