Hilco Real Estate 6-2024

Gas price increases expected to continue

by | Jun 15, 2022 | Latest

The increased oil demand continues to outpace global supply, resulting in high gas prices across the state, the nation and the world.

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

According to AAA, the average cost per gallon in Texas was $4.664. The average price for diesel fuel is $5.258 per gallon.

Collin and Dallas Counties were higher than 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’s likely prices will continue to fluctuate and remain elevated,” said AAA Texas spokesperson Daniel Armbruster. “At least until summer driving season is over after Labor Day or until the issues of tight global supply and demand of crude oil are resolved.”

Armbruster explained that retail prices from gas stations across Texas and the United States are tracked daily by Oil Price Information Service. AAA Texas contracts with OPIS to receive the data.
Historically, high gas prices have not deterred people from traveling during the summer months, Armbruster said, but it does impact daily commuting behaviors by creating carpools or running fewer errands.

However, Armbruster said AAA is currently expecting record-breaking prices to have a ripple effect on some aspects of travel and other economic areas such as goods and services.

“Families may opt to eat out less on a trip,” Armbruster said. “Or stay in a four-diamond hotel instead of a five diamond.”

Recent AAA surveys show that 75% of Americans say they would change their driving habits or lifestyle if the cost of gasoline rises to $5 per gallon or more.

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

Adults 18 to 34 are almost three times as likely to consider carpooling, said Armbruster, which would likely involve significant changes to their daily travel plans.

Older adults are more likely than younger adults to favor combining errands into one trip and reducing shopping and dining out.

More than half, 52%, of adults surveyed have summer vacations planned this year. Of those, 42% said they would not consider a change regardless of gas prices.

Because of the current price fluctuations, Armbruster said there is no better day than another to buy gas, as normal patterns are pushed aside because of market volatility.

According to data from the state comptroller’s offices, Texas uses about 13 billion gallons of gas and 4.5 billion gallons of diesel fuel annually.

Drivers pay federal and state taxes on gas when they fill up. The federal gas tax rate is 18.3 cents per gallon and 23.3 cents per gallon on diesel.
Texans pay an additional 38.4 cents per gallon in state taxes. Some states, such as New York, have instituted a gas tax holiday eliminating the tax through the end of the year.

Currently, there are no talks of eliminating the state tax in the Texas Legislature, but Armbruster offered several tips to save at the pump.

Drivers should ensure that their vehicle is in good shape during routine inspections and that tires are correctly inflated.

Planning for the drive is another tip Armbruster offered, saying that drivers should map their route before leaving to minimize unnecessary turnarounds and backtracking.

Armbruster also suggested drivers should avoid peak traffic times when they can, adding that errands should be combined when possible.

Fuel economy peaks around 50 mph on most cars and then drop off as speed increases, said Armbruster. Reducing highway speeds by five or 10 mph can increase fuel economy by as much as 14%.

Likewise, Armbruster suggested drivers should avoid excessive idling, which consumes one-quarter to half a gallon of fuel per hour.

“A warm engine only takes about 10 seconds worth of fuel to restart,” Armbruster said. “When safe to do so, shut off your engine if you will be stopped for more than a minute.”

Other tips include avoiding rush hour traffic when possible, using “fast pass” or express lanes to avoid unnecessary stops or slowdowns and anticipating road conditions.

Lastly, Armbruster said drivers should use the gas recommended for their vehicles.

“If regular gas is recommended, that’s all you need,” Armbruster said. “Opting for premium when your car doesn’t require it will only cost you money and doesn’t improve fuel economy.”

Hilco Real Estate 6-2024

0 Comments

NTMWD Plant Smart 2024

Related News

New home being built for veteran

New home being built for veteran

Retired U.S. Army Sgt. Semeli Toilolo. Courtesy photo Retired U.S. Army Sgt. Semeli Toilolo and his family will receive a new home being built for them in Lavon. They were surprised with the presentation during a Tuesday, June 18, groundbreaking ceremony. Operation...

read more
Proposed budget updates presented by city manager

Proposed budget updates presented by city manager

Boards and commission members are jointly sworn in at the Tuesday, June 25 city council meeting. Before discussing the continuing budget building process, Wylie council took time for recognitions and proclamations at their last regular meeting. Representatives from...

read more
Car show at Bluegrass on Ballard this weekend

Car show at Bluegrass on Ballard this weekend

Robert Vaughan from East Fork Masonic Lodge 650 has been the organizer of the Bluegrass on Ballard Car, Truck and Motorcycle Show since 2017. Courtesy of Robert Vaughan Bluegrass on Ballard, one of the city’s most anticipated annual events, is set to feature more than...

read more
Junior Police Academy is no joke

Junior Police Academy is no joke

On the last day of Junior Police Academy, Friday, June 21, cadets squared off with Wylie police posing as attackers. Wylie police have developed a world class Junior Police Academy program. Started in 2009, many other regional police departments have observed Wylie’s...

read more
West Nile Virus found in mosquito

West Nile Virus found in mosquito

Ground spraying is planned along Lonesome Dove Trail following the discovery of a mosquito carrying the West Nike Virus. The city of Murphy confirmed last Friday, June 21, that West Nile was confirmed in a mosquito trapped the previous week in the creek bed northeast...

read more
WISD trustees approve 2024-25 budget

WISD trustees approve 2024-25 budget

The Wylie ISD proposed general fund budget as presented.  Courtesy Wylie ISD The Wylie ISD board of trustees approved the budget for the 2024-25 school year. Scott Roderick, Wylie ISD assistant superintendent for finance and operations, emphasized in his final...

read more
Man arrested for recording in public restroom

Man arrested for recording in public restroom

A 29-year-old male Wylie resident was arrested for recording video of others in a Founders Park restroom, according to Wylie police. At approximately 12:41 p.m. Thursday, June 6, officers responded to the restroom at Founders Park located at 851 Hensley Drive due to...

read more
Police investigating auto-pedestrian fatality

Police investigating auto-pedestrian fatality

A Murphy resident died in an automobile versus pedestrian accident in Wylie, according to Wylie police. At Approximately 5:15 p.m. Wednesday, June 19, Wylie police and fire rescue responded to the intersection of North State Highway 78 and Kreymer Lane near Walmart in...

read more
Order photos