TYLER, Texas — Friday was another record-breaking day for high gas prices with the statewide average in Texas topping out around $4.29 per gallon of regular unleaded fuel, the highest price average ever recorded for Texas according to a recent report on AAA.
The report also ranked the city of Longview as fifth highest out of the largest state metros with $4.33 per gallon of unleaded gasoline.
The city of Tyler didn't fall too far behind, climbing an average of $4.27 per gallon.
Dr. Ray Perryman with The Perryman Group, an economic and financial analysis firm, says resolving the issue won't occur overnight.
"There's a lot of demand, but supply has been constrained," Dr. Perryman said.
Contributing factors such as cuts to oil production during the pandemic and recent sanctions over Russia's war in Ukraine have caused a wedge between the simple economics of supply and demand.
"That brought this last spurt, getting us up to levels we haven't seen before," Dr. Perryman said.
He predicts that the price increase shouldn't spike much higher, however the strain of inflated prices stick with us through the Summer travel season.
"I don't think it'll go much higher, but I do expect it to be with us for a while and then I think you'll start seeing toward the end of the year some relief as demand trails off," Dr. Perryman said.
Daniel Armbruster, with AAA Texas, says they are expecting to see an 8% increase in the number of people traveling from Texas this Memorial Day weekend compared to last year.
“Thursday, Friday afternoon and evening are going to be the worst times to drive especially on major arteries in major metro areas across the state," Armbruster said.
Armbruster suggests consumers make small adjustments to their driving patterns to help save some cash.
"Making sure you're not speeding, that your vehicle is properly maintained, all of those things can really going a long way towards saving," Armbruster said.
For the long-term, Dr. Ray Perryman says recent increase in Texas oil production could help us down the road.
"In the past two months here in Texas, we have issued more drilling permits than any time in the history of this state.. and we've been drilling for oil in this state for 120 years," Dr. Perryman said.