Some experts say the increase in oil prices could benefit the economy in certain parts of the country and that includes East Texas. Oil companies in the area say the demand has helped to create more jobs in the area, benefiting you.
"East Texas is a very oil-rich part of the country. There are a lot of mineral owners and people that benefit from revenue in the increase of oil and gas prices," said Scott Shaver, of Barrow-Shaver Resources Company.
Shaver says the rise in gas prices has created a demand for workers in the oil industry. "It is a higher pay-scale where people work, mainly because it is a lot more dangerous sometimes," said Shaver.
He says fluctuating oil prices are the reason companies offer better pay. "To get them back and to get them coming back to fight the roller coaster that we're on as oil and prices come up and down. You have to really pay them more as an incentive, knowing that it could turn around at any time," said Shaver.
Tom Mullins says these higher-paying jobs allow workers to spend more money, which helps the economy. "Not only are people finding jobs but there's more activity for companies, vendors, service providers, retailers, others who service the oil and gas industry because they have that ripple effect," said Texas Economic Development Council Chairman Tom Mullins.
But Mullins says if the price goes up too high, there is a risk the increase could "have a dampening effect on other sectors."