Across the nation, gasoline prices have been plummeting in recent months, dropping from a national average of approximately $4.10 in mid-summer to $2.34 more recently. Oil prices have been falling just as fast, falling from record highs of around $150 dollars per barrel in early September to the Thursday November 6 prices of $57 dollars per barrel. The recent price drops have been attributed to various social and economic issues, including the presidential election to the recent economic recession.
These recent drops in gasoline prices, even being seventy cents below the national average one year ago, have been cause for great joy and great remorse amongst various individuals. Many individuals across the nation have seen the recent drop in gasoline prices as a blow to research for alternative fuels. One such person, junior electrical engineering student Michael Fuson who feels that “The search for alternative fuels will be hindered with the recent drop in gas prices.” This opinion is wildly held, as the drive for alternative fuels has become more of a push amongst the American population. One particular survey from National Alternative Fuels Training Consortium in October 2008 showed that 93% of people surveyed thought that alternative fuels were of great importance.
The opposite of the alternative fuels argument is the argument that prices had leaped up too rapidly. One can easily see that over the course of about 6-8 months prices had risen approximately $1.10, on average. This sudden spike in prices was seen, by many as a jab at the American people, little more than price gouging and the oil industry taking advantage of United States’ dependence on oil. The recent turnaround of this issue has been a great relief to many around the country and around campus. One such person is junior biomedical engineering student Annie Bullock, who said “[the change in prices] will make driving home for break a lot more pleasant for a lot of people.” This effect will be seen not only by people around the Rose-Hulman campus where regular gasoline as of Thursday, November 6 was $1.98, but in Great Bend, Oklahoma, where regular gasoline is less than $1.82 per gallon and in consistently high Southern California where regular gasoline has reached the $2.72 per gallon mark.