North Texas gas prices hitting near record highs at $4.01 a gallon
DALLAS - Gas prices are climbing to near record highs in North Texas and nationwide.
DFW drivers are paying an average of $4 a gallon for regular unleaded. That is well above one month ago and a few cents shy of the record set in March shortly after Russia invaded Ukraine.
North Texans are still paying less than the national average, which is back at its record high of $4.33 a gallon.
Experts say prices could keep creeping up throughout the summer. It’s a combination of factors, including the war in Ukraine and limited production here in the U.S.
AAA says regular unleaded is selling for $4.01 per gallon in the DFW area. Some locations are already selling gas for higher than that.
Prices are up 38 cents per gallon from a month ago.
Dr. Brian Marks is an energy expert who teaches at the University of New Haven. He says supply is getting tighter as more countries in the European Union join the U.S in boycotting Russian oil.
"Oil producers have been hesitant to increase production significantly or even at all, given concerns about the volatility associated with the oil market should world events quickly come into alignment," he said.
The price hike comes just weeks before Memorial Day weekend.
Gabe Saglie with Travelzoo says the price hike could leave Americans already stretched thin rethinking their summer travel plans.
"So perhaps people driving that 8- to 12-hour distance, maybe they're really looking at that 3- to 5-hour drive instead," he said. "
One woman getting gas moved here from Arkansas. She's a waitress and says the high gas prices mean she won't be able to drive back home to see her family anytime soon.