We Americans love to drive, and most of us like going on road trips. Since we love cheap gas too, increasing fuel costs can put a damper on the mood to drive long distances. But across the ocean, there’s a continent filled with people like us who’ve lived with high gas prices for years. They’re called Europeans. According to an article I read in daily finance, citizens in other countries are paying almost 10 dollars per gallon at the pump! (click here to read article) In addition, an AOL News article stated, "Gasoline pump prices were already at the highest levels for this time of year prior to the Libyan rebellion, and they've now pushed even higher. The national average on Tuesday rose slightly to $3.587 per gallon, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular has climbed 23.3 cents in the last month and 78.7 cents since last year. Gasoline is now more than $4 per gallon in California, Alaska and Hawaii."
With Gadhafi's days numbered, could the conflict in Libya continue to affect our gas prices? Drivers are concerned about how the heightened conflict could change prices at the pump. With the involvement of other powers right now and military action going on, it could have a couple different effects. If it goes quickly and Gadhafi is out, it could stabilize and help oil prices. If it drags on and the infrastructure that produces the oil is damaged, that could push prices back up. The summer driving season is coming soon. Ordinarily, the price of gas rises during this time. A quick resolution to the Libyan situation, however, could bring prices down, and that would be a huge relief for drivers. Fortunately, Americans have shown that they can adjust their behavior when faced with sticker shock at the pump. As soon as gas prices rose in the past, the sale of fuel efficient and hybrid vehicles skyrocketed. The car pool was back in style, and public transit use reached a new year high. When it costs over $30 to fill up a 12 gallon tank with regular gasoline, all options are on the table.