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Record gas highs expected in 2012

By: Victoria Maranan Email
By: Victoria Maranan Email

SHERMAN, TX - If your tank's on "E," chances are it's your wallet that will be empty once you fill up. Victoria Maranan tells us why prices continue to climb and if there's any end in sight.

Experts said they doubt gas prices will drop anytime soon. Brad Douglass of Douglass Distributing said gas was about 25 cents more Wednesday than the same day last year. Right now, the average price per gallon in Texas is $3.14, while in Oklahoma it's $3.06.

Don Cogburn fills up the tank of his pick-up truck at least once a week and he said $3.59 a gallon for diesel was definitely burning a hole in his pocket.

"It's really rough on the small person or the small individual that's trying to make everything meet. I own a business and I've got seven trucks so it gets really rough," he said.

Another driver, Larry Mitchuson, said he pays more than $125 to fill up his tank.

"The fuel prices are ridiculously high and they're continuing to go up and up and we all work for the gas company, because we have to buy so much fuel back and forth to work and take care of business," he said.

Brad Douglass with Douglass Distributing said gas prices hit a record high Wednesday, at least 25 cents higher than it was this same day last year. He said the rolling digits reflect the current world situation.

"It's a chaotic oil market right now. We have the problem with Iran in the Middle East, they're threatening to close the strait of Hormuz if the U.S. and Europe votes to boycott Iranian crude oil," he said.

The Strait of Hormuz is a major oil shipment route in the Persian gulf.
Douglass said if the U.S. and Europe decide to embargo Iran, which exports over 2-million barrels of crude oil everyday, gas prices are sure to go up.

"If we pull the Iranian production offline, if that in fact is not able to be exported, that means there's gonna be a shortage of crude oil worldwide. That's gonna drive up the prices for all of us," he said.

Douglass said whether gas prices continue to climb will all depend on worldwide demand and what happens in Iran.

Cogburn said in the meantime, he'll have to make some adjustments to make ends meet.

"As bad as I hate to say it, I have to pass the costs on to my customers. I have to go up on what I sell or the labor that I do in order to override it," he said.

If you would like to keep track of gas prices in your area or are looking for the cheapest gas, visit Gasbuddy.com.


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