$100 Crude Oil Sends Gas Prices Soaring in Texas

Crude oil prices have surged back above $100 per barrel for the first time since July, causing gasoline prices to rise in Texas. According to AAA Texas, the increase is putting additional pressure on fuel costs at a time when pump prices would typically begin to ease as summer travel demand declines.

The statewide gas price average in Texas is now $3.83 for a gallon of regular unleaded fuel, which is 14 cents more than this day last week and $1.07 more per gallon compared to the same day last year.

This increase comes amid continued volatility in the Strait of Hormuz, where tensions have been running high. As a result, AAA Texas reports that crude oil prices are at their highest level since July.