Gas prices are rising in the Coastal Bend; here’s why


It’s no secret that gasoline prices in the Coastal Bend, and across the country, have spiked in recent weeks. 

Gas prices in Corpus Christi have increased by 16 cents a gallon since Feb. 13, according to GasBuddy. Since the beginning of the month, GasBuddy reports prices have soared by 25 cents a gallon. 

“I’m not buying a full tank when the prices are this high,” Corpus Christi resident Piper Carlson said. “I’m going to do half a tank and wait and see if they ever come down.”

The questions on Carlson’s and many Coastal Bend residents’ minds are: Why are we seeing this steep increase and will prices drop anytime soon? 

The Fourth of July weekend is here, and fewer people will be on the road, according to AAA Texas. Still, that hasn't stopped gas prices from jumping 20 cents the last two weeks, as photographed Wednesday, July 1, 2020.

The why

The short answer is there isn’t any one reason.  

Patrick De Haan, head of petroleum analysis at GasBuddy, said the spike is heavily influenced by conflicts overseas. 

“It has a lot to do with the situation in Russia,” De Haan said. “Russia is the second largest oil producer in the world and is responsible for about 10% of the global supply.”



Source link