While Baker students and Baldwin City residents are seeing relief at the gas pumps, many are hesitant to trust the current low gas prices.
Alan Grant, associate professor of business and economics, said the price of gas is directly affected by the cost of oil per barrel because oil is the main component in fuel.
“Gas prices are driven by the price of oil, which has been falling over the past weeks,” Grant said.
Grant does not believe the election has anything to do with the current low cost of fuel. He said the people in charge have the power to keep the gas prices high and that is what they have been doing. There is no particular reason to decrease the cost of fuel just because of a new president either, he said.
“Very little of the oil we use is domestically produced. Most of it is imported from overseas,” Grant said.
Grant predicts that over the next five years an average price probably will be oil staying about $75 per barrel, which would make gas about $2.66 a gallon.
He said the price of fuel also might be dropping because Americans are wising up and demanding less gas. However, Grant said high gas prices are not all bad
“The neat thing about high gas prices is that it forces us to look at the way we live,” he said. “Historically, we have been subsidized with cheap gas over the past few decades, which made us more inclined to drive huge vehicles and live in suburbs that are 45 minutes away from where we work.”
Frank Foye, owner of Santa Fe Market, said business has been better since the gas prices have gone down. Foye said gas has not been this cheap since April 2007, according to his records
“The customers’ attitudes are better, and they are easier to get along with,” Foye said. “They are spending more money on other things because they don’t have to spend as much on fuel.”
Freshman Rachael Schulte said she hopes gas prices are going down because people are using less gas but she thinks the election has a lot to do with the prices.
“I’m loving it because I live an hour and a half away, and I can see my family more often,” she said. “I’m just dreading when it goes back up, which I’m sure it will.”
