Rise in gas prices

By Patricia Sheehan
March 11, 2005

Anyone who drives a car knows that paying for gas has been more expensive this past year. Remember last spring when it was around $2.00 a gallon? Well, since then gas prices have gone down, while they still can be considered high, the price is always balanced by the economy.

As of Friday, March 4, 2005, the price for a U.S. light crude barrel went down by 10 cents and now a barrel goes for $53.47 a barrel. This is even lower than Thursday’s price of $55.20 a barrel. This is the highest price it has been since it hit a record $55.67 a barrel on October 25, 2004. Overall, the prices have gone up to over 18% within the last four weeks.

On Friday, March 4, 2005, The President of Venezuela, Hugo Chavez stated that OPEC (Organization of Petroleum Exporting Countries) does not need to increase production when OPEC meets at the end of the month. He also stated that OPEC is producing enough, and that the increasing price for the rest of the world has nothing to do with OPEC.

But what about the other countries who buy from OPEC? Well as of Thursday, March 3, 2005, London Brent crude was the highest it had been in 17 years, when the price hit $53.00 a barrel. The price then dropped 25 scents to $51.70 on Friday, March 4, 2005.

What does this mean for our gas prices in the future? As well all know, the gas prices always increase for the summer. According to John Brady at ABN Amro in New York, the prices are going to continue to grow. “In my opinion we are going to see higher prices than we have seen, but the market is taking a breather.”

“It raced up there and probably got a little ahead of itself. I would think usually with a kind of reversal like that, on very good volume, it would usually indicate a day or two days of potential weakness,” he also stated.

“I think it is ridiculous because I’m not from here; I’m from New Jersey and the prices are lower there. While the prices continue to rise in Philadelphia, I pay for my gas here, and I don’t think I should have to pump it myself,” Corrine Szymczak, a freshman, said.

“I think they are going back up, but no matter how high they go people will still buy gas even if it was $10.00 a gallon because people are always going to drive,” Deborah Alberici, a sophomore commuter, said.

How do the gas prices affect college students, particularly commuters? Alberici said, “I think it depends on what you do with your car, like, where you travel to. If I go on a trip I won’t want to drive because it’s my gas money.”

So as far as the consumer’s future gas consumption goes, while the prices have dropped, don’t get too excited, the prices are bound to go up for the summer months as they always do. But as far as the next few months are concerned, the gas prices will probably go up about 25 cents within the next month, according to ABC NEWS. So enjoy it while you can, because like always it always seems to, the gas prices will most likely rise again.

Posted to the web by Shawn Rice

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Patricia Sheehan

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