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Gas Prices in El Paso Expected to Remain High Amid Global Oil Fluctuations

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Despite a recent drop in global oil prices, residents in El Paso should not expect immediate relief at the gas pumps. The ongoing conflict in Iran has disrupted oil supplies, causing retail gas prices to rise by 20% since late February, reaching an average of $3.58 per gallon. Experts predict that retail prices may peak in April, influenced by seasonal shifts to more expensive summer gasoline blends. Additionally, local gas station owners face squeezed profit margins as they adjust prices to remain competitive, impacting their overall sales as consumers cut back on spending.

Key Details: • Current average gas price in El Paso is $3.58 per gallon. • Gas prices have increased 20% since the start of the Iran conflict. • Retail prices are expected to peak in April due to seasonal changes. • Local gas stations typically earn about 15 cents profit per gallon.

el-paso economy gas-prices inflation oil-market

People & Organizations

El PasoGulf OilTom KlozaJeff LenardNational Association of Convenience Stores

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