Food and gas prices soaring high

Food and gas prices soaring high

(KYTX) --Your wallet may be a little lighter these day. Many must-have items like fruits, vegetables, and gasoline are rising in cost.

According to AAA, prices have risen 6 cents just this week in Texas.

"Today it cost me $54 to get a full tank," Logan Newton, a driver in Tyler, said.

That extra doesn't sound like much but he says it's a sizeable dent for people like him who drive a lot.

"$5 for one tank and how many tanks do you go through a week? Over time it's going to add up to make a difference," Newton said.

Drivers, brace yourselves.

"If you're driving over Easter weekend, you're going to pay a lot for gas," Harold Doty, Assistant Vice President of Strategic Initiatives at UT Tyler, said.

Doty explains events happening in the Ukraine right now are partly to blame for the hike. Global unrest can always have an impact. But the real instigator is closer to home. 

"Here in Texas right now we have about 4 refineries shut down for maintenance on the Gulf Coast," Doty said.

A squeeze in supply has food prices going the same direction. Drought in parts of the country means less hay and fewer cattle. That caused the cost of beef to rise to its highest level in two decades. The average retail cost of fresh beef reached $5.28 a pound in February.

The severe drought sweeping through farms in California drove up prices for milk, butter, eggs, fruit, and vegetables too.

"I hope is it's as bad as it's going to get for this year," Doty said.

You should be able to see some relief at the pump in about a month, when oil production is back up to running full speed ahead.


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