Economic Expert: Gas Prices Could Reach $4 A Gallon By Summer

Gas prices have hit the highest price since 2008, and prices in Oklahoma have risen nearly a $.25 per gallon in the past 16 days.

Sunday, April 10th 2011, 11:19 pm

By: News 9


Jacqueline Sit, News 9

OKLAHOMA CITY -- Gas prices have hit the highest price since 2008, and prices in Oklahoma have risen nearly a $.25 per gallon in the past 16 days.

The average price for a gallon of unleaded gasoline in Oklahoma is $3.62, and experts say prices may not go down anytime soon.

Patsy Peters buses church members to and from church every Sunday morning. Lately she's been paying $20 more for a tank of gas compared to a few months ago.

"They need to go back down because trying to go to and from work or school, it's getting harder and harder every day," Peters said.

The pinch at the pump is taking a toll on drivers like Peters.

"It's either a gallon of milk for one gallon, you get a gallon of gas, same price. So it's really hard," Peters said.

Experts say $4 for a gallon of gas is in the foreseeable future.

"I think we'll see $4 gallon price in the next 60 to 90 days, maybe sooner than that," said Steve Agee, Oklahoma City University Meinders School Of Business Dean.

Agee said the unrest in the Middle East is driving up cost and will continue to climb because world oil prices have gone up, and in the midst of an economic recovery, demand is going to go up.

"Oil is attractive right now and then also of course we're just getting into the peak driving season," Agee said.

Agee said gas prices have risen along with crude oil prices and that's bad new for everyone.

"It's like a tax, and so it gives us less discretionary income to use to buy other products, other goods and services, and that's not good for our overall economy," Agee said.

For now, Peters said she hopes she can continue taking the folks to church and won't let the prices at the pump drive her away.

"We're trying to serve God, and my God is going to take care of us anyway," Peters said.

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