Gas prices up 12 cents in a week, consumers feeling price surge - KCBD NewsChannel 11 Lubbock

Gas prices up 12 cents in one week, consumers feeling price surge


Once again oil prices surged after reports that the fighting in Libya damaged some oil fields. Because of that, the price of a barrel of oil spiked to more than $112 Friday. And in just one week, prices at the pump increased by $0.12. Now consumers are feeling that jump.  

According to AAA, the national average for regular unleaded is $3.74. In Texas, the average is just below that at $3.66. And in Lubbock, gas prices range from $3.58 to $3.70. As prices continue to bounce across the nation, here locally those filling up are concerned.

"It's hurting everybody and it's even going to hurt worse if it keeps on going up," said Bobby Brock, Lubbock consumer.

Now, some are having to spend their money wisely and only get a small amount at the time. While others said they just have to deal with the rising cost.

"There's nothing you can do about it. The price is high and I have to pay," said Allen Doggett, Lubbock consumer.

And the rising prices are affecting the school bus system. Lubbock Cooper Independent School District said they pay 15% above the wholesale price of fuel, saving them $0.38 per gallon. But with the fluctuation in price, they are trying to save money anywhere they can.

Lubbock Independent School District said they have already spent $425,000 this year on gas alone. And with six weeks left in the school year, they said they are on track to hopefully not go over their $600,000 yearly gas budget.

Like schools, truck drivers have also tried to leave room for price swings. But they said the burden of filling up can cost a fortune.

"You end up paying like $625 for diesel," said Jose Silerio, Lubbock truck driver.

Sooner or later truck drivers said spending more money on gas could reach consumers with higher prices in stores.

"Eventually it costs more money. We bid it and it goes up because we have to," said Doggett.

Fortunately Lubbock is on the lower end of the national average. As for California, they are paying nearly $4.13 for one gallon of gas.

©2011 KCBD NewsChannel 11. All rights reserved.

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