Texas Panhandle Gas Prices Soar to $3.57 Amid Global Market Volatility

Gas prices in the Texas Panhandle have surged to $3.57 per gallon, marking a 13.4-cent increase over the past week, according to GasBuddy data.

This sharp rise has left drivers in Amarillo facing a significant strain on their household budgets.

Patrick De Haan, petroleum analyst at GasBuddy, notes that average gasoline prices have climbed back above $4 per gallon, with prices rising in slightly more states than they fell.

The increasing oil prices are being driven by the continued closure of the Strait of Hormuz and ongoing Ukrainian attacks on Russian oil refineries, which is putting upward pressure on the market.