Gas prices on the rise in North Texas as U.S./Iran conflict continues

Gas prices on the rise across North Texas

Gas prices in North Texas jumped again on Friday to their highest price in over a year. FOX 4's Lori Brown has more.

DALLAS - You might get sticker shock the next time you try and fill up your car, as gas prices in North Texas are at their highest in over a year due to the U.S./Iran conflict.

Gas prices on the rise

What we know:

According to AAA, the average price for a gallon of gas on Friday was $2.98. That's up 11 cents compared to a day ago, and 38 cents compared to last Friday.

The price of gas has risen as the U.S. war in Iran began last weekend. The conflict has caused disruptions to oil tankers traveling through the Strait of Hormuz.

Spring break travel will also cause a spike in prices in a few weeks.

Prices hitting North Texans

Local perspective:

FOX 4's Lori Brown spoke to several North Texas drivers who were feeling the impact of the price hikes.

"I do regret not putting gas in yesterday," Robert Jackson, who drives for Uber part-time, told Brown. "Sometimes it's not even worth it doing Uber because of the gas prices."

"I passed the station. I believe it was a Quik Trip, and it was $2.42, and then I remember seeing that same one coming here just now. It was $3.19, so it was quite a jump," said Tommy Caram, a Lewisville resident.

Other costs could rise too

What they're saying:

Brown also spoke to Jay Young, the founder and CEO of King Operation Corporation, an oil and gas investment firm. He says it's time for consumers to brace themselves for the price to continue to go up.

"20 million barrels or so comes through this (Strait of Hormuz)," Young said. "And if you cut off that supply or if you delay it, what happens is prices will go up because people on the other end of that, you know, China, India, that's where they get a lot of their oil. And then the oil that was supposed to go to the United States is now going to China."

Young warns that gas prices aren't the only thing that will get more expensive as the war continues.

"Oil is up probably 35, 40% in the past, you know, few days. You know, so prices are going to continue to go up. And when prices go up, your gasoline goes up, you know, your, your airline tickets are going to go up, everything's going to go up. Your food costs will go up because of transportation."

Despite increasing costs, there's a silver lining for Texans with all of this.

"We're going to see, you know, more taxes. The more money in the coffers of the government, we're going to see a lot of jobs, a lot of job creation, but a lot of trickle-down economics will happen because we are producing and drilling for oil and gas."

"Texas is one of the largest producing. You have countries, it would be number two. You know, the United States is number one and Texas will be number two, but ahead of Saudi Arabia, Iran, and it's all the premium basin and the Eagleford and fracking and delivering oil there."