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Locals Paying Top Dollar at the Pump Save Email Print
Posted: 8:50 PM Nov 9, 2007
Last Updated: 9:22 PM Nov 9, 2007
Reporter: Pachatta Pope
Email Address: pope@kbtx.com

A | A | A

Big white numbers on a College Station marquee reading $3.05 serves as proof that higher gas prices await local drivers at the pump.

"I'm not that surprised to see it," driver Matthew Tuggle offers as he fills his SUV.

Tuggle admits that for the last couple of weeks he's been watching the price of oil soar. But without a second thought, the Texas A&M student watches as the meter counts into the high double-digits.

"Twenty cents more a gallon is $10.00 more a gas fill up, but it's not a big dent," Tuggle shrugs off. "I'll survive."

Local economist and Texas A&M professor John Hanson says it is that mindset that is neutralizing the shock when consumers pull into gas stations.

"Our economy has readjusted so profoundly to high oil prices," Hanson said.

Triple-A Texas is reporting that in just one week, the price of gas has jumped 14 cents across the state.

Spokesperson Rose Rougeau says the reason why is because crude oil is flirting with a $100 per barrel price tag.

She says as of Thursday, the hot commodity was going for $95 a barrel.

"In Texas, the current average is $2.95," Rougeau said. "A year ago, we were only paying $2.08, so within one year, motorists are paying almost a $1 more per gallon for gasoline."

With Thanksgiving and the official start of the holiday shopping season two weeks away, the experts say adaptive instincts kick in.

"People tend to substitute in favor of cheaper things," Hanson said.

"Instead of traveling for six days you may take a vacation for five days or even four," Rougeau said.

So how long should consumers expect to be frugal?" Hanson says motorists should settle in.

"We have to assume that most of the factors weigh in favor of higher oil prices and probably higher gasoline prices," Hanson said.

If that's the case, a number of consumers could be asking Santa to bring some relief.

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