Midland Odessa Seeing Gas Price Spike Which Could Reach 2008 Record
Midland/Odessa is in the middle of a gas price spike and it could reach records like in 2008.
According to the Midland Reporter-Telegram, AAA Texas is reporting that gas prices are spiking with an increase of 16 cents over the past week.
The average price in Midland is $3.48 a gallon and $3.43 in Odessa while the state average is $3.38.
Prices could hit record highs in the Permian Basin, the record high price for gas in Midland/Odessa is $4.04 which was set in July 2008.
The price of oil is currently sitting at $112 a barrel.
“Oil prices have skyrocketed to 11-year highs due to the volatility in global crude markets caused by Russia’s invasion of Ukraine,” said AAA Texas spokesperson Daniel Armbruster. “Demand for gasoline will only increase as spring approaches and more people travel. Couple that with rising crude oil prices and drivers can expect to continue to see even higher fuel prices in the days and weeks ahead.”
According to AAA Texas, the state average has not been at $3.38 since August 2014.
Nationwide the average is $3.73 which was an increase of 19 cents.
With the war in Ukraine continuing, we could see the highest gas prices we have ever seen which is pushing the Federal Government to open up reserves which should bring the prices down some.
No one knows how long this war between Russia and Ukraine could continue which makes us all worry about what gas prices could look like if it lasts into next year or the next or if it could be over by summer.