Far East El Paso gas prices soar due to price of oil

Oil prices regained their stunning upward momentum Wednesday, rising as crude's biggest drivers - a weak dollar and supply concerns - brought buyers back in force. At the pump, gas prices rose to a new record over $4.05 a gallon.

Drivers in Far East El Paso got to enjoy the cheapest gas prices in the city for a few weeks,but, but now they’re shelling out more money to fill up.

CBS4 was at the Valero on Zaragoza Road when gas was the cheapest price it had been in the city, at $2.15 a gallon.

But a recent spike in the price of oil is hitting El Paso hard, especially on the Far East side.

The low gas prices were bringing lots of drivers to not only the Valero gas station, but to other stations nearby that had similarly low prices.

Experts said some gas stations, such as the ones on the Far East side, were able to pass along the decrease in price faster once oil prices dropped post-Hurricane Harvey.

But now, just a few weeks later, the price of unleaded gas went up by about 30 cents.

Prices at the pump skyrocketed from $2.15 to $2.45 for unleaded gas.

“They just went up from, like, one day to another. To me, iI wish they went back down, iI guess, but at least it’s still under $3,” said Far East El Paso resident Hector Porras.

Experts said oil inventory across the nation is the lowest it’s been all year.

That has caused the spike in prices across the board.

This is bad news for holiday travelers trying to save money.

“I don’t expect to see big drops before the holiday. We may see some small ones here and there but, by and large, what you see today may be a sign of what’s to come as we prepare for Thanksgiving,” said GasBuddy analyst Patrick DeHaan.

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