Gas prices expected to rise this summer
Facebook users attempt to help lower prices
Jessica Alexander
Senior Staff Reporter
Issue date: 4/11/08 Section: News
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Monday, the price of a barrel of oil hit $108. Peter Clark, an associate professor of chemical engineering, said the price of crude oil directly affects the prices at the pump.
He also said higher gas prices mean higher costs for necessities.
"Bread is going to go up. Milk is going to go up, and it's because the price of the underlying commodity is going up," Clark said.
According to an Energy Information Administration report released Tuesday, motor gasoline prices are projected to average $3.36 per gallon in 2008, up 55 cents from 2007. Diesel prices are projected to show even larger increases in 2008, averaging $3.62 per gallon, 74 cents above the 2007 average price.
Oil prices significantly above the projected level would greatly increase the prospects for $4 per gallon gasoline in some parts of the country. Local supply conditions will also play a key role in determining prices in various locations this spring and summer.
Numbers like this have led concerned Facebook users to create more than 500 global groups dedicated to complaining about gas prices or coming up with ways to lower prices.
The group "Amazing New Way to Lower Gas Prices" has nearly half a million members.
One Facebook group asked members not to fill their gas tank on a certain day. Clark said ideas like this do not work.
"If your tank is empty on Tuesday, it will be empty on Wednesday, and you will still have to purchase gas," Clark said.
Clark said the best way to lower gas prices is to reduce driving. He said if everyone would drop their driving by 5 percent, that would translate to 5 percent less oil - about 1 million barrels per day.
"Driving less creates lower demand, which will force prices to drop," he said.
The increased demand from India and China has strained the market, as well, Clark said, which causes crude oil prices to rise.
China's oil demand grew by 8 percent last year, compared to just 1 percent in the U.S.
Viewing Comments 1 - 2 of 2
jose
posted 4/11/08 @ 11:18 AM CST
we need to do something about these prices next thing we know we are all going to be walking around or in bikes.....
Student
posted 4/12/08 @ 7:55 PM CST
Because walking around or riding bikes and public transportation is a terrible thing for society. I for one am hoping we see an increase in more reliable public transportation and an increase in riding bikes, or walking to class. (Continued…)
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