Soaring gas prices show no sign of slowing down.
Texas drivers are paying more at pump than they have in seven years. AAA has the statewide average at $3.22 per gallon, up seven cents from last week and 99 cents more than a year ago. The Greater Houston area's average jumped nine cents to $3.18 per gallon. Winter weather, geopolitical tension, and government policies are all factors in the price jump.
Some may ask if the high oil prices are good for the Houston economy. Oil expert Phil Flynn, with PRICE Futures Group, says not necessarily.
“We don’t want prices to skyrocket because of bad policies or war that could create a recession and hurt demand,” Flynn said.
He adds that a price shock isn’t good for the local economy.
“If prices go up because of strong demand and because of good investment, that’s good for Houston,” Flynn explained. “But if we go up because of a disruption, because of Russia and the Ukraine, that’s not going to be good for anybody.”
Texas still has the sixth lowest gas prices in the nation. California has the highest.
That leads us to the poll question today.