Breaking News
More () »

Gas prices could climb well past $5 a gallon, experts say

Some experts say $7 a gallon is not out of the question.

SAN ANTONIO — If you think gas prices are high now, experts say you haven't seen 'nothing yet. They say gas prices could top $7 a gallon. 

The price for regular gas at the Quik Trip off Medina Base Road by loop 410 on the city's west side is $3.05. In Texas AAA says the average price for a gallon of regular is $3.22 for a gallon of regular fuel. Believe it or not that is the 6th lowest cost in the U.S. The culprit? Lower supply and higher demand, and geopolitical tensions around the world especially when it comes to possible war between Russia and Ukraine which would disrupt the oil supply.

Chris Thompson from San Antonio told us, "Before the gas price jump it would cost me between $20 and $22. Now it is costing me between $32 and $33." But if gas prices end up going well over $5 a gallon Chris Thompson's plans?Thompson said, "I'm going electric. I'm going electric or taking transit. One of the two, because that's too much."

Jay R. Young from the King Operating Corp said, "We're not drilling for oil and there's no one because our shareholders are telling public companies, 'Hey, we don't want you to drill for oil or gas. We want you to pay back dividends to our investors." He says that is one of the reasons prices are continuing to climb so quickly. 

President Joe Biden says the government plans to jump in and help. At a press conference he told reporters, "We're coordinating with major energy, energy consumers and producers. We're prepared to deploy all the tools and authority at our disposal to provide relief at the gas pump." 

So what can the average consumer do? Young told us, "Don't buy that house 10 miles, 15 miles just because you want two acres. Don't worry about your two acres, you know, driving an hour to work in our home every day because that's going to hurt your pocketbook."

Aside from not buying that house far from work, AAA says follow these tips to save money on fuel:

  • Make sure tires are maintained and properly inflated.
  • Avoid "jackrabbit" starts and accelerations. Those increase fuel consumption. 
  • Use cruise control on the highway but not when the road is wet because then you could lose control of your car if you skid. 
  • Avoid extending idling to warm up the engine or in drive-throughs. One minute of idling maximum is what is recommended. 
  • Lower your vehicle's weight by removing unnecessary bulky items and roof racks.

And if you're in the market for a car or truck, of course those are also in short supply and expensive, but avoid those that take premium. That can easily add over $1,000 to your annual fuel bill.

Before You Leave, Check This Out