The recent hike in gasoline prices nationwide has caused concern among some AU students about how the rising cost of gas may affect their summer plans.
As of April 29, the nationwide average cost of a gallon of regular unleaded gasoline was approximately $2.93, according to the Oil Price Information Service. The same gasoline grade cost $2.53 per gallon a month prior and cost $2.24 on the same day a year ago. They recorded the highest average cost for a gallon of regular unleaded gasoline on Sept. 5, 2005, when it cost $3.06.
Megan Kania, a junior in the College of Arts and Sciences, said gasoline is becoming overly expensive.
"It's an expense that I don't want or need," she said.
Dave Braatz, a freshman in CAS, said he was more concerned by the effect rising gas prices will have on other products.
"When gas prices rise, the price of everything goes up," he said. "Manufacturing depends so much on using gasoline as energy that a rise in the price of gas affects everything else."
Some analysts have said that international events - including increased international energy demands, unrest in Nigeria and Iraq and concerns over Iran - have caused the recent gas price increases. According to John Townsend, public affairs spokesman for the D.C. Division of AAA Mid-Atlantic, these events are not major causes of the recent price rise - at least not directly.
"A lot of the recent price increase has been driven by investment in the oil market," he said. "Lots of investors have been putting money into the market recently. We saw the same thing happen before Hurricane Katrina."
Additionally, he said, the oil companies have been making much larger profits recently.
"You'll see this week that the first quarter earnings for these companies are very high," he said. "They're charging an arm and a leg for gas and are making a lot more money as a result."
According to the Associated Press, ExxonMobil made a profit of $8 billion during the first quarter of 2006, an increase of seven percent over their earnings during the fourth quarter of 2005.
While some analysts have predicted that the average price for a gallon of gas could rise to between $3.50 and $4 by summer, Townsend said he believed prices will not rise nearly that high.
"It may rise another 15 to 25 cents, but it certainly won't rise to $4," he said. "I think that in the next two weeks, you'll begin to see prices fall again. The intense scrutiny over the size of profits being made by companies like ExxonMobil will especially cause prices to fall southward."
Townsend said people could make several changes to their driving habits that would help conserve gas and save money. Along with consolidating any errands into one trip, he suggested that people try to remove as much stuff from their cars as possible. Keeping all tires inflated could save a driver between two and seven cents per gallon. In addition, strictly obeying the speed limit on highways could reduce a driver's fuel costs, since driving faster expends more gas.
While rising fuel costs aren't going to severely impact their summer plans, Kania and Braatz say they are going to make some changes to save money.
"I'll try to carpool with people when I can," Kania said. "I'll also ride my bike more often."
Braatz added he will reduce his transit, saying "I'm just going to try to drive less"
