Video | Gas prices hit local two-year high
Published: Thursday, March 17, 2011
Updated: Thursday, March 17, 2011 23:03
Oxford residents have been feeling the spike in gas prices that has been occurring for approximately one month.
According to Senior Petroleum Analyst of Gasbuddy.com Patrick Dehaan, the anxiety over the unrest in the Middle East can be credited with the steep increase. Oxford Economic Development Director Alan Kyger said residents are going to be skeptical about the change.
"Residents are questioning, ‘Is this the way it's going to be or is it a bump in the road?'," Kyger said. "I think it has to stay above $ 3.00 a gallon, $4.00 a gallon for an extended period of time before people react to it and plan accordingly."
Lecturer Patricia Newberry said she will take the change into account when car shopping in the future.
"There have been rumors that gas could get to $5 a gallon," Newberry said. "That could be a killer for anybody that has to go any amount of distance." However, Deehan said the recent tragedy in Japan will likely result in a decreased demand for oil and possibly a decrease in gas prices.