Iran war means gas prices keep rising in North Texas
Oil futures climbed over $110 a barrel on Wednesday for the first time since the U.S. conflict with Iran began in late February. FOX 4’s Casey Stegall has more on how the rising prices are affecting Dallas drivers.
DALLAS – The average price of a gallon of gas has been steadily going up around the country since the beginning of the U.S. conflict with Iran, and North Texas drivers are feeling the effects.
Current gas prices in Texas and the U.S.
What we know:
According to gasbuddy.com, the average price of gas in Texas is $3.58 per gallon.
That’s up 30 cents from last week average price, and over 90 cents higher than gas prices from one year ago.
The story is the same nationally. The average gallon of gas across the country was $3.88 on Wednesday, up 27 cents from one week ago and 80 cents higher than one year ago.
Local perspective:
North Texas drivers are feeling the effects of the rising prices.
“It used to cost me around $40 to $50 to fill up. Now, I am paying almost $80,” Sherrod Dickson told FOX 4’s Casey Stegall. “Owning a business where I’ve gotta drive around the city, all day, it’s really affecting my bottom line.”
“You see things come and they go. So hopefully, this is one of those that’ll go fast & leave!” Dickson continued.
“Trying to fill it up today, it would break my bank account,” Trent Wolf, another driver, told Stegall. “Right now, I’m only able to put $10 in because I filled it up on Monday.”
Iran conflict expands
Dig deeper:
The rapidly expanding conflict in the Middle East is at the heart of the rising prices.
Last week, the U.S. made strikes on Kharg Island, what some call the nerve center of Iran’s entire oil export operations. This week, Israeli missiles struck Iranian gas fields.
“Kharg Island is where 90% of the Iranian oil is accumulated and shipped out,” Stuart Turley, who works with Pecos Country Operating, told Stegall. “China buys 90% of that oil, and it’s very important to go through there, but the other Arab States put out the rest of that. 20% of the world’s daily oil supply goes through that strait.”
Iran retaliated by striking the largest liquefied natural gas facility in the world, which is located in Qatar.
The White House on Wednesday relaxed the Jones Act, a federal law that limits which ships can carry cargo between U.S. ports, in reaction to the rising prices.
That gives officials hope more gas supply will flow with foreign vessels now cleared to move fuel across domestic waters.
“We have to have U.S. flagged ships and U.S. manned ships going from port to port,” Turley continued.
The Source: Information in this story came from FOX 4 reporting.
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