Fuel costs anticipated to proceed climbing

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Increased oil demand continues to exceed global supply, resulting in high gas prices across the state, nation and around the world.

As a result, the average national gas price on June 13 was $5.014 per gallon, the highest average price on record.

According to the AAA, the average cost per gallon in Texas was $4,664. The average price of diesel fuel is $5.258 per gallon.

Collin and Dallas Counties were above the state average at $4,691 and $4,658, respectively.

California currently has the highest average gas prices at $6,436 and Georgia has the lowest at $4,484.

“It is likely that prices will continue to fluctuate and remain high,” said AAA Texas spokesman Daniel Armbruster. “At least until the summer driving season is over after Labor Day or until the problems of tight global crude oil supply and demand are resolved.”

Armbruster explained that retail prices at gas stations throughout Texas and the United States are tracked daily by the Oil Price Information Service. AAA Texas contracts with OPIS to receive the data.
Historically, high gasoline prices haven’t stopped people from traveling in the summer months, Armbruster said, but they do affect daily commuting patterns by carpooling or running fewer errands.

But Armbruster said AAA currently expects record-breaking prices to have a ripple effect on some aspects of travel and other sectors of the economy, such as goods and services.

“Families can choose to eat out less on a trip,” Armbruster said. “Or stay at a four-diamond hotel instead of a five-diamond hotel.”

Recent AAA polls show that 75% of Americans say they would change their driving habits or lifestyle if gas costs rose to $5 a gallon or more.

Of US adults who said they would make a change to offset gas prices, about 80% would do so by driving less.

For the full story, see the June 16 issue of the Princeton Herald.