The Impact Of Higher Gasoline Prices

Fears that Mideast tensions could impact the oil supply have prices jumping the second day in a row. You don't have to be a Wall Street trader to feel the impact. <br/><br/>While our gas gauge in

Friday, July 14th 2006, 10:51 am

By: News On 6

Fears that Mideast tensions could impact the oil supply have prices jumping the second day in a row. You don't have to be a Wall Street trader to feel the impact.

While our gas gauge in Tulsa shows about $2.82 a gallon, analysts say the worst is still to come. News on 6 reporter Heather Lewin has more on how the situation half a world away could affect your pocketbook at home.

If tensions don't settle soon in the region that supplies much of the world's oil, analysts say gas prices could rise to a level most Americans just aren't ready for.

CBS' Eric Bolling: "there's no question that you could see $100 barrel for oil." That translates into $4 a gallon gasoline.

Tammy: "Good gravy! That's a lot!" Of course, that price is a worst case scenario, but industry experts say it may not be that far off. This mother of three says she's already hurting and such a drastic jump in price would break her family budget. "Pretty bad, because I drive to Tulsa from Muskogee every day and I'd have to look for a job in Muskogee and that's hard to do."

Others say producers simply have consumers over a barrel. Gwen: â€œWell, obviously that's too high and I wish it weren't that much, but I have to go where I have to go and I have to work, so I'll find a way to pay for it."

Unfortunately for most, that way means making every penny count. Many national analysts who thought they'd see proof at $3 a gallon.

Wonder if this will be the price that changes America's consumer habits. Mearl: "I'll just tighten the budget. Spend less I guess."

There is some good news, while high gas prices are hurting a lot of people. State officials say the overall impact is good for Oklahoma's economy. Because the state is rich in oil and gas resources, the industry is generating billions of dollars and putting a lot of Oklahomans to work.

Tulsa is still below the national average of $3 per gallon of gas.