HOUSTON – Many people are feeling the pain at the pump and pain all around.
“My rent went up, so it’s like why is everything going up except our paychecks?” said Sandra Roberson.
“I’m cutting back quite a bit by changing the way we eat, changing how frequently we go out to eat, things of that nature,” said Gerard Blackburn.
Unfortunately, there’s no relief coming anytime soon.
The price of oil and gas will continue to rise, according to one energy expert at the University of Houston.
“In the short term, in 30 to 60 days, we’ll continue to see oil and gas prices continue to go up. The European moratorium on Russian oil is going to have an impact on crude oil prices. I will say, they’ll go up between five and 10 percent over the next week,” said Chief Energy Officer at the University of Houston, Dr. Ramanan Krishnamoorti.
Dr. Krishnamoorti believes gasoline prices will go up to $5.00 for a gallon of regular unleaded by the end of summer.
He said the U.S. is continuing to drill here at home for more oil drilling as much as it can from existing and completed wells. But that can only last for so long.
“It is a boon for us, but it is a limited boon because we only have 750 million barrels and only 600 are accessible. If we release 1 million barrels a day for 180 days, we’re going to run out. About a third of that strategic petroleum reserve is going to be pulled out,” said Dr. Krishnamoorti.
We may see relief sooner if the war in Ukraine subsides or other oil states open up like Iran or Venezuela. Other than that, it may be tough.
“The only likelihood of prices dropping is a drop in demand, which means we’re probably into a recession at that point, which is not good news for the American economy,” said Dr. Krishnamoorti.
Some possible relief, a spokesperson for the Harris County Toll Road Authority said, officials are toying with the idea of reducing tolls or possibly freezing them to help ease the pain on consumers. But so far, no decision has been made.