Gas Prices Surge In Lubbock, How High Will They Go?
As I drove around Lubbock early this afternoon, I took notice of the price of fuel at different gas stations around town. And by the looks of it, so were a lot of other people. Gas prices are on their way up and gas station after gas station that I passed by, people were there topping off before an expected surge at the pump tomorrow and throughout the week.
A look at Gas Buddy tells the story. $3.59 per gallon at Murphy Express at 82nd and Slide Road as of Tuesday afternoon at 3:00 p.m. Bolton locations at $3.65 and then I saw it. $3.99 at Stripes/Phillips 66 at 19th and Milwaukee. $4.00 gas will be here before we know it.
So how high could it go?
It's a good question and one many experts are attempting to figure out. Nationwide, the average price per gallon is $4.07. Obviously, we are below the national average which is great. In an interview with KXAN, Joshua Rhodes, a research associate at the University of Texas' Webber Energy Group, said prices will continue to climb.
Joshua: I think a lot of it depends on if we go into a full oil embargo on Russia itself. Russia supplies a significant amount of oil to the world markets, and if those markets get tighter than they already are then that’ll result in a higher oil price, which will result in a higher gasoline price.
Tom: Are we talking about a matter of 10, 20, 30 cents more, or could we be looking at dollars more in terms of what we’re paying?
Joshua: I mean I wouldn’t be surprised if we’re well over $4 by the time this is done. Potentially up to $4.50 which would be higher than I think we’ve seen, maybe ever.
With inflation, travel picking back up, people heading back to the office, and of course Russia invading Ukraine, gas prices are expected to rise which means the cost of goods and services could increase as well. Just be happy you don't live in California where prices are expected to surge past $5.00 per gallon.