Iran Conflict Sends Gas Prices Climbing In Texas

If you haven't gotten gas in Texas in the last few weeks, you are about to be shocked when you head to the pump. AAA Texas says the average gas price in Texas is $2.87 per gallon for regular unleaded. Prices have jumped at least 26 cents in one week.

Amarillo's gas prices have increased 39 cents to $2.88 per gallon.
Lubbock's gas prices have increased 42 cents to $2.85 per gallon.
Midland's gas prices have increased 25 cents to $2.98 per gallon.
Tyler's gas prices have increased 25 cents to $2.51 per gallon.

El Paso drivers are paying the most in Texas, at $3.17 per gallon, a 31-cent increase from last week.

Why Gas Prices Are Jumping Across Texas

You don't have to look far to answer that question. It's the Iranian conflict. According to Patrick De Haan, Head of Petroleum Analysis at GasBuddy, the conflict has destabilized global energy markets and driven up the price of oil. Gas prices globally have risen about 5%.

Why The Strait Of Hormuz Matters For Oil Prices

The Strait of Hormuz is a vital waterway that gives access to much of the world's supply of oil. Twenty percent of the world's supply of oil does flow through the Strait of Hormuz on its way to customers internationally, and that is why we're seeing oil prices jump now.

De Haan also said that he expects the national average to jump over $3 per gallon.

How Can I Save on Gas Usage?

According to AAA Texas, using these tips can help you save gas.

Drive more smoothly - avoid aggressive driving and constant braking
Slow down - you'll lose efficiency above 50 mph
Check Tires - low tire pressure can reduce gas mileage
Empty Your Vehicle - get rid of unnecessary cargo, a heavier car lowers fuel efficiency.
Find Cheaper Gas - Use your apps to save money at the pump.

For now, it's best to practice the tips above and adjust your budget for higher prices at the pump over the next few weeks, and maybe longer.