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North Texas gas prices hit another record high
The price of gas in North Texas hit another record and it is likely to go much higher.
DALLAS - Gas prices hit another record overnight and people are getting sticker shock when they see other energy bills.
Unleaded gas prices are up about $2 a gallon from this time a year ago. It’s up 41 cents just in the last week.
AAA said on average, drivers in the Dallas-Fort Worth area are paying about $4.70 a gallon for unleaded gas.
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Oil prices remain around $120 per barrel, double what it was in August of last year.
And despite the higher prices, gasoline demand is rising as people travel more now that school is out in most places.
Natural gas prices are also heating up ahead of peak air-conditioning season, hitting the highest level in about 14 years.
Electric rates are up about 70% from this time last year.
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It all puts consumers in a tough spot.
"I guess the only thing you can do as a consumer is turn up your thermostat a couple of notches. That’s one way to hold down your electric bill this summer," said Bud Weinstein, an energy expert.
Analysts said gas inventories have been whittled down in response to the war in Ukraine.
Domestic drillers have also been slow to production despite the highest prices in years.
For anyone struggling to pay their bill, AARP of Texas said 211 is a good resource for consumers. The organization can help people find assistance programs.
It also recommended looking into level or average billing plans with electric providers, which can help smooth out payments throughout the year.