Gas Prices are Higher -- and May Stay That Way


You may have noticed that gas prices are higher.

They may stay that way. The national price drop traditionally seen this month hasn't materialized.

Higher gas prices could be the new normal. It's an increase brought on, in part, by benchmarks for oil ... such as West Texas Intermediate crude, which now trades at about $64 a barrel.

Fuel prices usually drop in January -- a dip of up to 20 cents a gallon. Not so this year. Americans may be saving a few pennies since holiday travel season, but prices remain 15 cents a gallon higher than this time last year, according to the Automobile Association of America.

Some analysts say we're seeing results from projects that were launched when oil was $100 a barrel seven years ago.

Some people frown at having to pay more at the pump, but in Texas, it's complicated. Higher oil prices mean more production -- meaning more jobs. In short: one man's sub-$2 gas is another man's layoff.

Right now, West Texas Intermediate crude trades at about 64-dollars a barrel.


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