What surging gas and oil prices mean for North Texans

DALLAS - Oil prices surged and then fell again on Monday, at times trading at more than $100 per barrel.

The volatility is driving up gas prices, which are up nearly 60 cents from a week ago in the Dallas-Fort Worth area.

Oil Price

What we know:

Oil prices have skyrocketed as tankers avoid the Strait of Hormuz along Iran’s southern coast. About a fifth of the world’s oil moves through that strait every day.

Local perspective:

The good news is that the surge in oil prices on Monday was brief. So, the price at Fuel City in Dallas was the same on Monday as it was on Friday -- $3.19 for a gallon of regular unleaded.

But everyone’s bracing for what’s next.

What they're saying:

Rey Trevino III, the director of operations for Pecos Country Operating, said things could get worse before they get better. But in the long run, he believes the global market will make adjustments to bring prices back down.

For example, the G7 alliance of countries could begin to use reserves. There is also the possibility of lifting sanctions on millions of barrels of oil from Russia.

Help could also come from Texas, which produces almost 45% of the United States’ oil.

"The goal here is to basically have Iran come back to the negotiations table and be able to work with the rest of the world and become a good citizen of the world. And then provide their oil on the market. That’s an additional 3 million barrels at global rates," Trevino said.

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What's next:

Trevino expects prices to remain where they are now for the next several days.

He said there’s no need to panic buy at the pump, which could create a shortage of oil itself.

If there is a need for production to increase in Texas, Trevino said it would take weeks for it to ramp up.