Gas prices are reaching sky high levels and showing no mercy for the average American. Wallets are emptying out across the nation with every stop at the local gas station. With the economy in a state of revival people have to tighten their belts but saving money is hard to do when rising gas prices keep getting in the way. At $4.51 a gallon, gas prices have hit an all-time high in Chicago, a far cry from the $1.00 Americans doled out in 2001. Drivers are subject to fickle prices that control their lives and place limits on the way they spend their days.
“Rising gas prices have made the amount of driving I do very rough because I have a car that gets 20 miles per gallon and I drive a lot for clinicals,” senior Bijan Paroo said. “I now go to the cheapest gas stations.”
In a world run by technology, gas is an everyday necessity for people all over the world. According to the Department of Energy, theUnited Statesconsumes approximately 20 million barrels of oil products per day, which amounts to about 178 million gallons of gasoline per day. This has created a dependency on gas that has lead to big financial hits to the average American’s budget in recent years. Rising gas prices affect more than just how much money goes into a person’s car; there is also a rise in cost of food supply and travel. Increase in the price of gas leads to an increase in the cost of living, and there doesn’t seem to be an end to this increase coming any time soon.
“I have definitely noticed higher prices in stores nowadays,” junior Aneeqa Khan said.
With summer comes holiday travel, and with travel comes an increase in demand for gas, usually resulting in higher gas prices. This coupled with already increasing prices has led experts to conclude that gas prices will hit the $5 per gallon mark nationwide this summer. Tension in the Middle East, caused primarily by the situations in Iran and Syria, is another contributing factor to this increase in cost. Speculation and trading in oil futures is also pushing oil prices up, but it is difficult to accurately attribute the percentage of increase due to this issue.
“I go on vacation with my family every summer so I can see how summer travel would increase demand and price,” junior Sofia Quraishi said.
The Organization of the Petroleum Exporting Countries (OPEC), consists of 13 countries:Algeria,Angola,Ecuador,Indonesia,Iran,Iraq,Kuwait,Libya,Nigeria,Qatar,Saudi Arabia, theUnited Arab EmiratesandVenezuela. These nations possess a majority of the world’s oil reserves, and consequently, they have a significant impact on oil prices around the globe. Despite being the world’s third largest producer of crude oil, the United States relies heavily on foreign resources and is at many times a victim of temperamental prices overseas. The states that contribute most include Texas, New Mexico, Alaska and California. To ensure protection against oil embargos set by OPEC or other foreign suppliers, the U.S. government formed the Strategic Petroleum Reserve (SPR) to be used to power homes in case of a national shortage of gasoline. As the largest emergency supply of petroleum in the world, theSPRhas the capacity to hold one billion barrels of crude oil. However, this does not mean the United States is entirely independent when it comes to supplying sufficient amounts of gasoline to the American people.
“I think theSPRis a great idea for the United States,” Khan said. “A back-up plan can always come in use and it is good to prepared for all situations.”
Over the years there has been continual research towards alternate fuel sources that are more environmentally friendly. As gas prices continue to go through the roof, it is becoming more beneficial to move away from oil dependency and towards green technology. There has been an expansion in higher mpg cars that would be a very strong tool in saving money when it comes to filling up gas tanks. Researchers also recommend starting home gardens and buying in bulk to prepare for the rise in costs. Cyclists are saving big bucks by avoiding the overuse of their cars by getting out on the road with their non gas-guzzling bicycles. It is imperative that people all over the world start to take notice of the changing economy by getting ahead of the game when it comes to exercising independence from crude oil. Gas prices are not going to yield to the will of the people. Costs are rising and it is up to the public to face this escalation head on.
“I believe we have to take action when it comes to dealing with rising gas prices,” Quraishi said. “It will not be easy but we have to at least come together and try to overcome our problems.”
