The average price of gas in Lubbock is $2.74 per gallon, but you can expect that price to increase.
Oil prices hit a new high in the U.S. Tuesday, climbing to $75.85 per barrel. The increase is blamed on hurricane Katrina's shut-down of more than 90% of the nation's oil production. News of damaged rigs is expected to push prices even higher.
The quick increases sent local drivers to the pumps Monday, causing long lines. Some stations couldn't keep up with the high demand and ran out of gas. By Tuesday, the lines were gone and traffic was steady, but we did find drivers who say they're changing the way they drive. Some said they were going to invest in a hybrid car, while others said they were going to cut back on travel.
If you do go out of town, don't expect prices to get any lower. Prices are high across the state. Dallas is reporting the highest average at $2.79. It's $2.75 in Houston and Midland. The lowest price as of 6pm was in Waco at $2.55.
Meanwhile, we've had a lot of calls from viewers, asking why costs can vary so much from one station to the next. Here's the answer...some stations choose to raise the cost of gas before they run out of their current supply and are forced to pay higher costs to their distributors. Basically, stations are passing on the increase to you before paying for it themselves.
As of 10pm, Lubbock drivers are just 10 cents away from paying $3.00 a gallon. Gas at Phillips 66 on 4th and Quaker is now $2.90 per gallon. NewsChannel 11 spoke with the attendant who told us the price they pay their distributors has increased. The price is expected to go up again Wednesday.
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Are High Gas Prices Causing You Pain at the Pump?