El Paso Gas Prices Skyrocket Above National Average

El Paso drivers are feeling the pinch as gas prices surge to a new high. According to AAA, regular unleaded in El Paso now averages $4.34 per gallon, up nearly 37 cents from just last week. This puts the city's average above the national average of $4.33 and significantly higher than the Texas statewide average of $3.86.

Fred Richman expressed frustration with the rising costs, stating 'it sucks.' Another driver, Brian, noted that even driving a smaller vehicle didn't shield him from the price hike, saying 'I shouldn't be spending this much.'

UTEP economics and finance professor Tom Fullerton attributed the jump in gas prices to the price of crude oil. He explained that El Paso's gas prices tend to mirror West Texas Intermediate (WTI), a benchmark for oil produced in the region. With WTI currently around $105 per barrel, Fullerton expects regular gas in El Paso to remain above $4 per gallon.

Diesel prices have also reached record highs, with AAA reporting an average price of $6.11 per gallon in El Paso. Fullerton predicted that relief from high gas prices will depend on a decrease in crude oil prices, which seems unlikely in the near future.