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Experts said gas prices are typically low this time of year. But because of political unrest in the Middle East and North Africa, where most of the world’s oil supply is produced, the price has skyrocketed.
“There is an expectation that there will be less oil so companies push the price up because tomorrow’s barrel of oil will cost them more,” said Dr. Riad Ajami of Wright State University’s College of Business.
Gas is estimated to top $4 a gallon by Memorial Day.
“I’ve still got to drive, Robert Oldfather of Dayton said. “I’ll just suffer like everybody else is going to. I hope that’s as high as it gets.”
“In the short term we have no choice,” added Dr. Ajami. “In the medium to long term, we can become more energy efficient and we can develop different transportation systems. That’s something we can do in the U.S., but it’s something we haven’t done so far.”
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