Texas Oil Prices Surge, Gas Prices Soar
Dallas News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Texas oil prices soared to nearly $120 a barrel early this week, only to settle between $85 and $95 by afternoon. This volatile market has Texas economy, heavily reliant on oil, on edge. Ray Trevino, CEO of Pecos Country Operating, describes it as a roller coaster. He believes the sweet spot for profitability lies between $75 and $85 per barrel. However, recent global tensions have pushed gas prices in Texas up by more than 50 cents in a week, averaging $3.12 a gallon. Trevino warns that extreme price spikes can lead to increased service fees, diesel costs, and supply chain expenses, potentially wiping out any quick profits. He sells based on a 30-day average, so brief surges dont stick. Moderate rises help through higher state taxes and royalties, but the industry needs stability to avoid broader economic pain.
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