Conflicts in the Middle East and a strike in Venezuela were both factors that played a role in elevated gas prices this year. Students and faculty, as well as business owners, discussed how the rise in gas prices affected them.
Winston Chang, an economics professor who specializes in international trade and finance, said political tension and the fear of war is a major underlining factor for the increase in gas prices.
"There is a fear for a lack of oil," Chang said. "The possibility of war creates this fear."
Chang said Saddam Hussein could go so far as to set oil wells on fire, a strategy that could cause even higher gasoline prices in the United States.
Richard Acosta, a sophomore accounting major, said he understood the necessity for elevated prices but was negatively affected by it.
"It is necessary for gas prices to go up because of what's going on in Venezuela and Iraq," Acosta said. "The supply is decreasing so the price has to go up. It's a necessary change, but I'm not going to be able to drive if they keep going up."
The raised prices will affect students' lives in more areas than just the wallet when they pull into the gas station.
"Increasing gas prices basically increase the cost of living," said Ryan Hicks, a sophomore marketing major. "Since I paid for my car and for gas, that means that I have to put more money into my car, which takes away from other things I want to do, like go out, pay dues for my fraternity and other costs of living."
Customers were not the only ones suffering from the inflation of gas prices. Owners of gas stations had also reported a profit loss because they had to purchase the gas from the oil companies, which were charging higher prices. Gas stations had also been experiencing a decrease in the number of customers.
Roy Persaud, manager of the Mobil gas station on the corner of Sheridan Drive and Colvin Boulevard, said he lost between 5 and 10 percent of his business to high gas prices.
Persaud said about one year ago gas only cost about $26 per gas bar. This year, the price had risen to a little more than $36 per gas bar.
"Mobil and Citgo get their gas from Venezuela," Persaud said. "For the past two to three months, there has been a strike in Venezuela, and gas prices are up. Somebody's getting rich, but it isn't me."
-Compiled by Dena-Kay Martin
-Reported by Brittany Cain
Photo: Courtesy of Laron Fomby
