Supply and Demand Likely Behind Record High Gas Prices - KCBD NewsChannel 11 Lubbock


Supply and Demand Likely Behind Record High Gas Prices

Gas prices have hit an all-time high, and it looks as though supply and demand could be fueling the soaring prices.

From $2.33, $2.34 and even $2.37, consumers are now paying for record high gas prices. Consumer Fuel manager, Lindsey Webb said the price of gas at his station in Abernathy raised six cents from Monday to Tuesday, leaving him and many consumers nationwide asking the same question. "They want a reason, why did you go up," said Webb.

A man buying gas at a Lubbock station said, "I don't understand the economics of it, but it sure is killing us little guys." "We ask ourselves why," said Webb. "How do we explain this to our customers."

Texas Gas Prices
Are you paying too much at the pump? Take a look at what others prices are for the entire state of Texas. (Numbers are updated daily.)

Not even Webb's local suppliers know exactly why prices are soaring. "They don't know," said Webb. "They ask the same question and give me the same answer; I don't know. They can't decide on it, they have no idea why."

Actually, a number of things factor into what you pay at the pump. Locally, supply and demand is a big factor. Lubbock has three major suppliers. If their production is limited, they can raise the price. Experts say on a national level politics can sometimes effect prices, as well as the war overseas.

One Lubbock man said, "It looks like prices are going to keep going up. I wish it would go back down, but you know, we don't know."

While consumers and Webb continue to wish prices to decrease, only one thing is certain about the future. "We have no idea where the end is," said Webb.

Lubbock's prices fall right in line with the national average of $2.37. That's nearly 50 cents more than it was this time last year.

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Lubbock gas prices have now floored past the two dollar mark. Help Lubbock track the cheapest gas prices in town.

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