WACO, Texas – For the first time since 2014, oil prices are up to 90 dollars a barrel. Oil and gas Attorney Chrysta Castañeda says we haven’t seen those prices in over 8 years
“Supply is not as robust as it has been in the past. And demand is increasing because people are coming out of their pandemic habits,” says oil and gas attorney Chrysta Castañeda.
Castañeda shares with us why we’re seeing those same gas prices again.
“That business growth and demand for energy is going to continue to be robust for the near term. I think prices will stay, are forecasted to stay where they are or even trend higher,” says Castañeda.
And for many people, that will hurt their pockets. For the eighth straight week oil prices rose. Hitting $95 dollars a barrel on Friday. The jump fueled by reduced production from American refineries, and ongoing tensions between Ukraine and Russia, creating tight global supplies.
Refineries say they have to pay more for crude oil which raises the price at the pumps for gasoline.
“This is hard to even think about putting $20 in the tank, but it’s it’s been it’s been really hard,” says Texas driver, Manuel Vara.
“Now I look at the price, I’m like, I have to look at my gas gauge every now and then,” says Jesus Acosta.
Especially for Jesus Acosta he says he has to commute far for work.
“When I go to travel to Florida from Waco, Texas, I would have to fill up about five or six times full tank and the price is it stays around three to two, eight and nine, which does affect me,” says Acosta.