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Oil prices in Texas continue to rise as spring break nears
If you're traveling in North Texas this spring break, you'll be paying more in gas prices, as they continue to rise as the United States' war with Iran continues. FOX 4's Lori Brown has more.
DALLAS - Your spring break plans will need to account for the rising cost of gas as the war in Iran continues to inflate oil prices.
Price of gas in Texas
According to AAA, a regular gallon of gas in Texas on Friday, March 13 cost $3.28. That's 20 cents more than it was a week ago on March 6, and over 60 cents higher than this date a year ago.
Across the country, the average price of a gallon of gas has risen to $3.63. That's 60 cents more than it was on Feb. 28, the day the United States' war with Iran began.
Local perspective:
North Texans reacted to the rising prices the Friday before many local schools began their spring break.
"I was shocked when I saw $4.09 for diesel," Mary Ann Kennedy, a retired North Texas teacher, told FOX 4's Lori Brown. "Normally it takes me $75 to fill up. I'm not going to even try today."
"I have a big tank, but I'm also buying gas for two kids in college," another driver told Brown. "The problem is when oil goes up, it drives up prices for a lot of other things. Everyone has to get gas."
Other industries affected by war
What we know:
Oil prices rose to over $100 a barrel on Thursday as Iran continues to put a strangelhold on the Strait of Hormuz.
U.S. Energy Secretary Chris Wright told CNBC this week that the U.S. Navy wouldn't be ready to escort oil tankers in the Persian Gulf for some time.
"We’re simply not ready," Wright said. "All of our military assets right now are focused on destroying Iran’s offensive capabilities."
Some worry the current oil crisis could surpass the oil crisis from the 1970s, when Arab nations cut off their oil supply to the United States in retaliation for U.S. support of Israel in the Yom Kippur War.
What they're saying:
Mike Davis, an economist from SMU, told Brown the shutdown of the Strait of Hormuz will impact farmers and other industries in more ways than one.
"It's not just, you know, gasoline that goes in our car. It's diesel fuel to run the tractors, diesel fuel, to bring agricultural products to the market," Davis said. "It's just hard to say anything that doesn't have a significant component of oil in it one way or another."
"Fertilizer is made from natural gas or energy in some form or another, plastics are made with crude oil in one form or other, the shingles on your roof, everything has oil in it. And so everything's going to get more expensive."
Davis says it's not just the United States that will feel the effects. Prices of U.S. goods will also rise, which means higher prices for overseas trade partners.
"So you should be thinking that this is not good. You should think too that we are really blessed. Not just in Texas, but in the entire country to at least have domestic supplies of oil," Davis continued. "So we're not going to see the pumps running dry, but things are going to get more expensive."
"It also is useful to remind yourself that gasoline was really cheap. Historically cheap just a few weeks ago. So we've seen these high prices before, and nobody likes it, but we can live with it."
The Source: Information in this story came from AAA and FOX 4 reporting.