$5 Gas: Could We Afford It?
By: Mycah Glover
Updated: January 13, 2011
A lot of energy experts are predicting that gas prices could soon be reaching the five dollar mark.
"gasoline prices right now are strictly based on the price of crude oil and crude oil is almost $90 a barrel right now, " says Hoxie Smith, Director of Petroleum Professional Development at Midland College. And that's driving up the price at the pump.
We're already seeing prices reach $3 a gallon. Some predict that within a year, it could be as high as $5 a gallon. According to the people Big 2 spoke with, that's a price most people couldn't afford.
One Midlander we spoke with said, "if gas got up to $5, that's what $800 a month in gas. That's like rent. I couldn't do it. I couldn't survive..a bike?"
According to Smith, another option is a hybrid or electric car. "Back in 2005, when the price of gas went up in Phoenix, my dad, whose 89 years old, he bought himself a new Prius. You get 40 miles to the gallon and fill it up with three dollars gas for 20 bucks."
But Smith says the best option would be keeping oil prices stable. "If we can keep the price of oil from going through the ceiling like it did back in 2008 when it got up to $145 a barrel because of speculation, we'll be doing better. Hopefully we can keep it in the 70-90 dollar range. "
"gasoline prices right now are strictly based on the price of crude oil and crude oil is almost $90 a barrel right now, " says Hoxie Smith, Director of Petroleum Professional Development at Midland College. And that's driving up the price at the pump.
We're already seeing prices reach $3 a gallon. Some predict that within a year, it could be as high as $5 a gallon. According to the people Big 2 spoke with, that's a price most people couldn't afford.
One Midlander we spoke with said, "if gas got up to $5, that's what $800 a month in gas. That's like rent. I couldn't do it. I couldn't survive..a bike?"
According to Smith, another option is a hybrid or electric car. "Back in 2005, when the price of gas went up in Phoenix, my dad, whose 89 years old, he bought himself a new Prius. You get 40 miles to the gallon and fill it up with three dollars gas for 20 bucks."
But Smith says the best option would be keeping oil prices stable. "If we can keep the price of oil from going through the ceiling like it did back in 2008 when it got up to $145 a barrel because of speculation, we'll be doing better. Hopefully we can keep it in the 70-90 dollar range. "
