Don’t know if you’ve gotten gas lately, but we are getting hosed!
News Radio 1200 WOAI reports the average price of gas in San Antonio has jumped 16 cents a gallon, just in the past week. Its the largest one week increase in gas prices since ‘the Great Gas Panic of 2017,’ when motorists were hoarding gas as Hurricane Harvey stormed ahore in Texas.
The average price of gas today in San Antonio is $2.08, the first time it has been over $2 a gallon since before Christmas.
So, what gives?
Analysts say we are getting hit by several different factors at once.
First of all, this is the time of year when refineries always perform regular maintenance as they switch to production of cleaner ‘summer blends’ of gas. Refinery downtime means less gas in supply.
tghe chaos and uncertainty in Venezuela with two separate governments vying for power have also pushed up global cruide oil prices to their highest levels of the year so far.
And the end of the ‘big freeze’ up north has people there driving again, and that means demand is up after hitting lows during the cold weather, when people stayed at home and schools were closed.
“Prices at the pump are spiking as global crude inventories tighten and crude oil prices are hitting their highest level so far this year,” said Daniel Armbruster, AAA Texas/AAA New Mexico spokesperson. “Inventories are likely to continue to tighten and keep gas prices higher through the end of the month.”