BEAUMONT, Texas — Just one year ago, the national average for price per gallon was $2.77. Today, the national average is sitting at a whopping $4.13.
So, just how bad could prices get, and what does it mean for the rest of the economy?
As the prices at the pump continue to go up, so does already rising inflation, and people are having a hard time keeping up.
Prices at the pump reaching all-time highs.
"Normally, it would be in the '90s to fill it up, but today it was $116," said a Beaumont resident filling up his gas tank.
And unfortunately, it may not get better anytime soon.
"We have multiple things that have happened in the last two years," said Economics Professor Agim Kukeli at Lamar University.
Kukeli expects prices to keep rising at the pump, which also hurts the overall economy.
"An increase in the price of oil is going to increase the cost of making goods around the country, and that is going to add to ongoing inflation because of supply chain issues," Kukeli said.
Kukeli said in the past inflation has forced the federal reserve to increase interest rates.
"That’s the only thing it can do actually,” Kukeli said. “Increase the interest rate and that is going to slow down the economy because the economy right now is a little bit overheated."
With the United States cutting oil imports from Russia comes more dependence on domestic oil.
And the Lonestar state is the number one producer in the U.S.
"I’m optimistic that the Texas economy is going to benefit. As bad as it may sound for others, but the Texas economy could benefit from the increase in the prices of oil," Kukeli said.
However, back at the pump drivers will still suffer.
"[It's] sort of the payback now for having the big luxury vehicle, so uh, now it's hurting," said the Beaumont resident.