Gas prices expected to reach $3 nationwide

CORPUS CHRISTI, Texas — Motorists have noticed a recent trend in gas prices.

“Right now it’s at $2.659 and that’s pretty high,” said one Corpus Christi resident.

“Like a month ago, it was $1.80 something. Right now it’s at $2.55,” Ociel Hernandez said.

Dr. Jim Lee, a professor of economics at Texas A&M University Corpus Christi, says as progress is made to end the pandemic, gas prices will continue to rise for the rest of the year.

“We started traveling a lot more," Lee said. "There’s an expectation that the increase in the demand for energy will continue to rise."

In this case, higher demand will mean higher prices. This month alone, gas prices have spiked by more than 10 percent, Lee says. In one year there has been a 25% increase in prices.

The big question is whether or not we will be paying $3.00 for gas.

“I would say it’s not likely," Lee said. "At this level, it's where we’re going to stay for awhile."

There are many factors that will contribute to keeping us at the current price of gas, including state and local taxes.

Lee also says, while the rise in gas prices is good for the economy, it is not always a good thing for the average person.

“What I'm concerned about it's making sure I’m fueled, my fuel is filled up, full and full," said a Corpus Christi resident.

It's not just gas prices, due to inflation there will be an increase in prices on other things as well.

“It's not just gasoline prices, everything else," Lee said. "Groceries and actually a lot of materials are going up in prices.”

There is light at the end of the tunnel, as Lee puts it. Oil prices are now at $60 to $65 which is more profitable than it was last year when it went down to around $20. This is good news for those in the oil and gas industry.

Here is a look at the increase in gas prices since March 2020.