According to some experts, that answer is, yes. The latest Lundberg Survey this week gas prices have spiked another 15 cents over the last three weeks due to crude oil prices continuing to climb. Now the Biden Administration is warning us that the prices may go even higher if Russia attacks Ukraine. Don't take my word for it, let's dive in.

Energy World founder Dan Dicker said in an interview today with Yahoo Finance Live that pump prices of $7 per gallon are very possible in our near future. What would that do to your home budget? No more eating out? No entertainment, cut back on your video streaming options? Give up that fancy cell phone for a cheapy? Fact is the poorer you are, the harder this hits.

It affects everything we do, travel, shipping, groceries, no matter what you need if it has to be moved from point A to point B for you to consume it, the cost is going up, and fast.

Gas Price around T-Town 3 - February 15 2022 - JimWeaver
Gas Price around T-Town 3 - February 15 2022 - JimWeaver
loading...

This Week in Texarkana, Texas

The average price of a gallon of regular gasoline in Texarkana, Texas is $3.24 according to figures from GasBuddy.com.

  • The cost to fill up a 15-gallon vehicle? $48.60
  • The best price reported today is at Sams' Club on Richmond Rd. at $3.04 per gallon. (As of 02/16/22)

If gas stays at that price and you were to use one tank per week, your gas bill could be $1185.60 over the next six months. How's does that affect your spending elsewhere?

attachment-Gas Price around T-Town 4 - February 15 2022 - JimWeaver
Gas Price around T-Town 4 - February 15 2022 - JimWeaver
loading...

One Year Ago

The average price per gallon of regular gasoline in Texarkana, Texas was $2.18.

  • The cost to fill up a 15-gallon vehicle? $32.70 or $12.90 less than today.
attachment-Gas Price around T-Town 2 - February 15 2022 - JimWeaver
Gas Price around T-Town 2 - February 15 2022 - JimWeaver
loading...

Two Years Ago

The average price per gallon of regular gasoline in Texarkana, Texas was $1.99.

  • The cost to fill up a 15-gallon vehicle? $29.85 or $15.75 less than today.
attachment-Gas Price around T-Town 6 - February 15 2022 - JimWeaver
Gas Price around T-Town 6 - February 15 2022 - JimWeaver
loading...

Five Years Ago

The average price per gallon of regular gasoline in Texarkana, Texas was $2.09.

  • The cost to fill up a 15-gallon vehicle? $31.35 or $14.25 less than today.

Gas Price around T-Town - February 15 2022 - JimWeaver
Gas Price around T-Town - February 15 2022 - JimWeaver
loading...

This Week in Texarkana, Arkansas

The average price of a gallon of regular gasoline in Texarkana, Arkansas is $3.32.

  • The cost to fill up a 15-gallon vehicle? $49.80
  • The best price reported today is at Walmart on Arkansas Blvd. at $3.07 per gallon. (As of 02/16/22)

If gas stays at that price and you were to use one tank per week, your gas bill could be $1294.80 over the next six months. The chances of it staying at that price are very slim.

2008
Niagara // Wikimedia Commons
loading...

One Year Ago

The average price per gallon of regular gasoline in Texarkana, Arkansas was $2.17.

  • The cost to fill up a 15-gallon vehicle? $32.55 or $17.25 less per tank.

Two Years Ago

The average price per gallon of regular gasoline in Texarkana, Arkansas was $2.09.

  • The cost to fill up a 15-gallon vehicle? $31.35 or $18.45 less per tank.

Five Years Ago

The average price per gallon of regular gasoline in Texarkana, Arkansas was $2.10.

  • The cost to fill up a 15-gallon vehicle? $31.50 or $18.30 less per tank.
2016
Canva
loading...

I'm no mathematician but you can plainly see that 5 years, 2 years, and even 1 year ago gas was far more affordable than it is today. Seems like it was much better when we were "energy independent" under the last administration, gas prices were considerably lower and more stable at around $2 per gallon.

At the Gas Station
LorenzoPatoia
loading...

Lord help us all if the prices do spike to $7 per gallon. This country will effectively shut down, again. I did the math, to fill up my truck would be $192.50 (27.5 gallons), a trip to Houston to see my mother would cost me $288.75. How many trips a year could I afford if that happens? Most of us would be on rice and beans, vacations or doing anything for fun would simply be a thing of the past. I don't know, maybe that's what they want...

2000
Love's Travel Stops and Country Store // Wikimedia Commons
loading...

Our country isn't ready to handle all new cars being electric by 2030, there is not enough electric generation happening now, no new plants are even being planned, and wind and solar sure as heck isn't going to cut it. Maybe we should concentrate a little more on keeping gas plentiful and affordable until electrical generation is ready to take over the job. If, and that's a HUGE if, it ever will be.

LOOK: See how much gasoline cost the year you started driving

To find out more about how has the price of gas changed throughout the years, Stacker ran the numbers on the cost of a gallon of gasoline for each of the last 84 years. Using data from the Bureau of Labor Statistics (released in April 2020), we analyzed the average price for a gallon of unleaded regular gasoline from 1976 to 2020 along with the Consumer Price Index (CPI) for unleaded regular gasoline from 1937 to 1976, including the absolute and inflation-adjusted prices for each year.

Read on to explore the cost of gas over time and rediscover just how much a gallon was when you first started driving.

Get our free mobile app

More From Good Time Oldies 107.5