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Expert weighs in on rising gas prices as drivers take it in the wallet

Expert weighs in on rising gas prices as drivers take it in the wallet
Posted at 8:00 PM, Mar 02, 2022
and last updated 2022-03-02 23:07:58-05

CORPUS CHRISTI, Texas — Fishing is Corpus Christi resident Victor Castillo's favorite pastime.

“You don’t be traveling too much — going places," he said while fishing from the parking lot just east of the American Bank Center. "You just come, park, and relax."

Castillo is happy that his favorite fishing hole isn't far from his home, especially with gas prices hitting a state average of $3.30.

But what little driving he does do is taking a toll on his bottom line.

“It’s emptying the pocket — hurting it," Castillo said. "I’m on a fixed income, so it hurts a lot.”

He's not alone.

Corpus Christi drivers are buying regular unleaded gasoline at prices as high as $3.59 according to the Gas Buddy smartphone app.

An expert at Texas A&M University-Corpus Christi says it's just one more economic hurdle families are facing right now.

“I kind of feel sorry for a typical family — nationwide — not just Corpus Christi," Regents Professor of Finance Dr. Jim Lee said. "We’re dealing with inflation. We’re talking about inflation everywhere, and this definitely doesn’t help.”

Lee says the Russian invasion of Ukraine and the resulting war are largely to blame for increased gas prices.

The fighting may be in Europe, but Lee says the impact is felt here, because the market for oil and gas is a global one.

He doesn't think Corpus Christi gas prices will go over $4.00 per gallon, but Lee says the length of the war will determine just how high they get.

“Obviously, I hope things will settle out within a week or so," he said. "The longer it drags, the higher will be the impact on gasoline prices."

That's bad news for drivers like Castillo, who joked about his gas money possibly running out soon.

“I can’t be able to drive by next month," he said laughing.