Gas Prices

The Central Texas school district first announced the Drive.Pair.Share initiative in June when gas prices hit record highs in the state. The goal of the program is to ease the financial pressures teachers and other employees are facing.

The national average price of gasoline has fallen below $4 a gallon. These are four key factors that could determine what happens next with prices at the pump.

Reduced U.S. and European refining capacity, Russia’s war in Ukraine, and even Chinese export limits are all combining to send prices at the pump far higher than they were the last time crude oil traded in the $100-a-barrel range.

Inflation hit a new, four-decade high of 9.1% last month, fueled in part by record high gasoline prices. Gas prices have since fallen, but overall inflation is still elevated.

CapMetro powers hundreds of diesel-fueled buses every day for less than $2 per gallon, but those costs are set to multiply in the coming months.

The decision comes as prices have spiked since the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine.

Soaring gasoline prices have fueled increased demand for electric cars, hybrids and smaller gasoline-powered vehicles. But shoppers may not find much to choose from.

The Biden administration is encouraging U.S. oil companies to increase their production to help curb record-high gasoline prices. Turns out, however, that boosting output is easier said than done.

Gasoline prices hit record highs last week, so politicians in both parties proposed suspending state and federal gas taxes. But some warn such tax "holidays" may cut funding for needed road repairs.

As of Wednesday, the average cost of a gallon of regular fuel is now $4.305, according to AAA. Both ride-share companies say they're adding surcharges to deal with the spike in gas prices in the U.S.