Despite Record Oil Production Texas Gets No break From Gas Price - FOX 26 News | MyFoxHouston

Despite Record Oil Production Texas Gets No break From Gas Price Spike

Posted: Updated:

No question about it. These days Texas is pounding out the petroleum at record pace.

According to the government, the Lone Star State is producing as much crude as nearly all the other states combined.

With that many pump jacks swinging some might think consumers in Texas might get a good size break at the gas pump.

But anyone driving in Houston can tell you it's no dice on the discount.

"Oh man it's bad, its very bad," said cab driver Chris Jones.

Jones says the recent spike in fuel cost is coming straight of his earnings.

"It puts a lot of pressure on me because I spend more than $100 in gas a day, so it takes a lot from me there," said Jones.

And with close to one out every three American gallons refined right here on the Texas Gulf Coast Jones can't understand why local consumers get no slack.

"This is the capitol of the oil industry right? I don't know why it's so high here. I don't understand it," said Jones as he pumped a tankful of gas at $3.49 a gallon.

Veteran energy analyst Art Gelber says world demand for petroleum defines the price we pay.

"Even though that oil is produced and even refined here in Texas that oil is going to find its way and that gasoline is going to find its way into all the markets not just in the U.S., but also globally," said Gelber.

It's a concept Houston driver Kurt Sowers grudgingly accepts.

"It would be nice because we have the surplus to lower the prices in Texas, but I just don't see that happening in an expanding global economy", said Sowers.

Houstonians do get a bit of price break when it comes to the transportation of their unleaded fuel, after all, it doesn't have to travel far to reach their tanks.

Gelber, who makes his living predicting supply and demand, believes recent upward pressure on what we pay will level and ease.

"If we can avoid a hurricane this summer we think gasoline prices can remain low throughout the whole summer season," said Gelber.

An array of possible factors may be contributing to the higher prices including international tension, oil in Galveston Bay, Spring refinery maintenance and the regular transition to more costly produce summer fuel blends.

Powered by WorldNow

4261 Southwest Freeway
Houston, TX 77027

Phone: (713) 479-2801
Fax: (713) 479-2859

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices