AUSTIN (WBAP/KLIF News) – Crude oil prices soared to $100 per barrel Thursday and the Russian invasion of Ukraine is a key factor.
The United States and its NATO allies levied financial sanctions against Russia.
Germany stopped the certification process of the Nord Stream 2 natural gas pipeline to Russia.
The situation sent crude oil prices soaring and Texans will feel the pinch.
According to AAA Texas, gas prices are 35% higher than they were a year ago.
The statewide gas price average is $3.21 for a gallon of regular unleaded, that’s 83 cents more per gallon compared to this day last year.
Drivers in El Paso are paying the most at $3.43 per gallon while drivers in Amarillo are paying the least at $3.06 per gallon.
The figures are still well below the national gas price average. It’s now $3.54 for a gallon of regular unleaded.
“The upward momentum from pump prices may have paused for a moment, but don’t expect the slowdown to become a trend as crude oil prices continue to rise amid geopolitical and supply chain issues,” said AAA Texas spokesperson Daniel Armbruster.
With prices escalating, many drivers are looking for tips to save money at the pump.
Armbruster said AAA Automotive research shows that unless a vehicle requires premium fuel, drivers are likely wasting money on that option.
The Russian invasion also sent the stock market tumbling at the opening bell Thursday.
Wall Street opened 2% lower following a drop in global markets.
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