Rising Gas Prices Hitting Students Hard
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Posted By: on March 17, 2011 By Ashley Gadsden -- Black College Wire Regardless of what grade of gas you use, gas prices are on the rise once again. The increase in gas prices is hitting N.C. Central University students hard. Ashley Griffin/Campus Echo N.C. Central student buys gasAnd with increased turmoil in the Middle East, especially in oil-producing countries like Libya and Bahrain, prices are likely to continue to rise. "It's killing me," said Charles Robinson, junior music industry. Robinson commutes about ten minutes each day to school in his 2010 Ford Focus. Robinson said he usually spends $15 for a half tank — a financial dent for a college student working a minimum wage job. According to Robinson, that half tank will last him a week, but only if he travels directly between his house and school. According to CNNMoney.com, the price of crude oil now stands at $103 per barrel, the highest level since 2008. The consequence? One price hike after another at the pump. On Fridays there was an overnight 6-cent jump. The average price for a gallon of gasoline in the United States $3.29. An Exxon station next to campus was selling its regular grade for $3.39 per gallon on Sunday. "That's enough to hurt consumers, many of whom are underemployed or unemployed," writes the Lundberg Survey of fuel prices. According to Lundberg, "gas prices are up nearly 50 cents a gallon since last September." There are many contributing factors to the increase in gas prices, including rising demand in China and India. Although the United States consumes the most oil per capita, China's oil consumption is expected to rise 5 percent next year, which compares with less than 1 percent growth forecast in the United States. But recent hikes are specifically tied to geo-political forces. Instability in the Middle East, especially Libya, is definitely playing a role the price jump. Libya, the world's 15th largest oil exporter, exports more than 1.2 million barrels of crude oil a day. Rising demand and instability in the Middle East has led Fred Rozell, a gasoline analyst with OPIS, Oil Price Information Service, to predict that 15 states will see gas prices at $4 a gallon by Memorial Day. But some students aren't fretting about the price of gas. Namely those who shuttle from nearby campus housing communities like Campus Crossings and The Verge. "I'm an avid rider of the shuttle," said English education sophomore Riyah Exum. Exum said the shuttle is a better alternative for her. "I don't have a car because gas is extremely too high." Regardless of what grade of gas you use, gas prices are on the rise once again. The increase in gas prices is hitting N.C. Central students hard. And with increased turmoil in the Middle East, especially in oil-producing countries like Libya and Bahrain, prices are likely to continue to rise. "It's killing me," said Charles Robinson, junior music industry. Robinson commutes about ten minutes each day to school in his 2010 Ford Focus. Robinson said he usually spends $15 for a half tank — a financial dent for a college student working a minimum wage job. Ashley Gadsen writes for The Campus Echo, the N.C. Central University student newspaper, which originally published this article. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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