Rose Rougeau
Rose Rougeau
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Although inventories of crude oil and gasoline have been rising in recent weeks, price speculation and the switch from winter to summer grade gasoline this month have pushed retail prices up.
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This is the time of year when steep price increases are common, but this year, there is added uncertainty about whether there will be sufficient gasoline supplies later in the year. It may be several weeks before the picture of the nation's production becomes clear, but in the meantime, motorists may experience steadily rising pump prices.
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Improving mobility for seniors is a two-pronged effort. While helping to keep senior drivers on the road, we also have to provide options for those who choose not to drive. That's why it is important to develop mobility alternatives that include safe and convenient public transportation.
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Higher gas prices will not deter Texans from traveling this holiday. Nearly 5.1 million Texans are expected to travel for the Christmas - New Year's holiday, up 1.4 percent from last year. When you factor in hotel and rental car rates, gasoline remains a relatively small part of most family travel budgets.
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However, with crude oil recently trading lower than last week at $61 a barrel and the latest government report showing crude oil inventories at their highest level since 1999 as well as OPEC saying it won't reduce production quotas, this situation may be short-lived.
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For the past month, gasoline prices have fallen as inventories of gas and crude oil continued to show a healthy surplus compared to last year. Motorists can expect to see relative price stability for the next couple of weeks.
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Conditions indicate that motorists may see slight increases in retail gasoline prices within the next few days. Typically, pump prices in Texas move lower during this time of year due to a decrease in demand, but with crude oil trading around $63 a barrel that has yet to happen.
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That is far more than we would expect given their rate of licensure.
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It's clear from this analysis that young drivers' lack of experience on the road is a major traffic safety issue.
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It's also another indication why it's so important for parents to limit teens from being exposed to dangerous driving conditions and also to manage their driving experience.
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The jump in retail gas prices is partly due to the seasonal production switch from winter- to summer-grade gasoline, which usually brings higher prices as output is temporarily reduced.
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After the New Year, pump prices in the state typically turn down due to a decrease in demand.
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More than five million Texans are expected to travel for the Christmas-New Year's holiday, with the majority of those travelers driving to their destination. In an effort to keep the roadways safe, we encourage partygoers to act responsibly by buckling up and having a designated driver or to utilize our Tipsy Tow service.
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Retail gasoline prices have moved higher against a backdrop of increased crude oil prices. A year ago, crude oil traded at $49 a barrel and gas prices averaged $1.792--49 cents lower than the current average of $2.283. This week, crude hovers around $66 a barrel.