As the price at the pump continues
to drop, Bucks students
weighed in with mixed reactions.
“Thank God!” said Jamie West,
a 20-year-old nursing major.
As of press time, the average
price of gasoline was $2.17 per
gallon, compared to $3.14 just
one month ago, according to gasbuddy.
com. The good news is
that Bucks students are feeling a
lot less pressure on their wallets.
The bad news, however, is that
the global economy is headed for
trouble as economic growth continues
to slow.
“I like that gas prices are
down, but not the reason that
they went down,” said 21-yearold
business administration
major Ben Schablin. “[Oil companies]
were sitting on oil they
weren’t selling, and now they’re
trying to sell it so the prices will
go back up. I heard an interview
with Barack Obama and he said
energy costs would have to rise
under his plan. That won’t be
such a good thing.”
According to Obama’s website,
his energy plan includes “providing
shor-term relief to
American families facing pain at
the pump, helping to create 5
million new jobs by strategically
investing $150 billion over the
next 10 years to catalyze private
efforts to build a clean energy
future, and within 10 years save
more oil than we currently
import from the Middle East and
Venezuela combined.”
According to Time Magazine,
the U.S. consumes 25 percent of
the world’s crude oil, so for now,
America’s economic slump is the
key factor driving down oil
prices. It remains to be seen
whether Obama’s plan will be
efficient or not, but in the interim,
Bucks students are generally
happy about the lower gas
prices. “It’s helped me out a lot
because I drive back and forth
between Bucks and Chalfont
every day,” said 19-year-old
communications major Mike
Putz.
According to Time Magazine,
60 percent of gas consumption is
associated with driving to work.
“I’m very happy because I can
actually afford to go places,” said
Kyle Dixon, a 22-year-old secondary
education/history major.
“For students it’s a good
thing,” said 23-year-old chef
apprentice William Fedder. “But
from an economic standpoint it’s
a bad thing. Buying power is not
at a good rate.”
“The whole thing almost seems
weird. I’m worried [gas prices]
will go down really low then
shoot back up again,” said 20-
year-old business administration
major Pat Malone. Every $1
decline in the price of oil saves
U.S. consumers $1 billion,
according to economy.com.
Just last month, the Energy
Information Administration
forecasted the average price of
gasoline in 2009 to be $3.56 a gallon.
Within one month’s time
frame, that number has been
revised to $2.37 for 2009.
Although some energy analysts
believe that lower gas
prices will spark demand and
drive energy prices back up,
most people believe that the
weak economy will continue to
weigh on consumers and businesses
and keep gas prices relatively
low.
If the economy improves, gas
prices will most likely go up, but
until then, Bucks students are
enjoying the savings. Nicole
Guth, 19, psychology major said,
“I’d like to see them go even
lower.”