Gas Prices Leave People Feeling the Pain

By: Chris Herzog
By: Chris Herzog

Warm temperatures have all of us probably planning our summer vacation, and even counting up just how much it will cost in gas to get there.
But with gas prices forecast to remain high until then, will more people stick closer to home?
One economics professor says, probably not.
Doctor Ed Young says the reason for the increase is simple.
There's a diminishing supply, and at the same time, increasing demand.
That means the price will go up.
And people around the Chippewa Valley say they are truly feeling pain at the pump.
It makes you want to cringe, $2.89.
"It's pretty high, it's awful high right now, especially if you have to do a lot of traveling for your work", Mitch Thompson told us.
He says he's downright depressed about the increase.
But there's not a lot anyone can do about it.
Oil prices on the world market hit a record for a third straight day, and analysts say prices here could jump as well.
But will spending more money on fuel make people think twice about that trip?
Doctor Edward Young says, not likely.
"I think that consumers will adjust to the average higher price. When the price jumps up to over three dollars a gallon, consumers start to think about making changes. But as I said, when the price falls, they they just fall back to their old paterns", he said.
Young says some people change their habits because of gas prices.
Some even sell their vehicles in exchange for a better mileage model.
But he says, most will simply tough it out, and keep on driving.
"I'm one of those people, I just put the gas in the tank and keep on going. I should be more concerned probably, but I'm not", Mark Turner said.
The price for a barrel of oil closed today at $72.17.
And some analysts say they wouldn't be surprised to see it climb to 80-dollars a barrel.


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