Houstonians see gas prices spike

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Jeremy Desel/11 News

Posted on December 7, 2010 at 12:40 AM

Updated Tuesday, Dec 7 at 11:05 AM

HOUSTON --The cost of a gallon of regular and a barrel of oil are going up and they're currently at two-year highs.

After a steady year and a half of prices, the upward spin shows no sign of slowing down.

Industry experts like Andy Lipow see short-term and long-term price increases.    

“Oil has been rallying over the last couple of weeks because world demand has been good, not just in the US, but also in Europe and China," he said.

It is that global demand that pushes the price the most.

“If there is a silver lining, the fact is that economies around the world are growing, the demand for oil is increasing and consequently prices are going up," he said.

According to one trade group, in November American drivers spent $2.7 billion more on gas than last year. That's due to a 24 cent average increase.

The up side is that most of the major oil and gas companies are based here and higher prices mean more jobs.

 

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