ExxonMobil Corporation reported a profit of $8.4 billion earlier this week, an increase of 7 percent from last year and an indication to some that gas prices will not decrease significantly any time in the near future.
AAA’s fuel gauge report estimated national regular unleaded gas prices Monday at $2.919-up almost 37 cents from last month and just 13.8 cents lower than the highest recorded national average at $3.057 on Sept. 5 last year.
“The price of a barrel of oil has increased, and the world’s demand for oil is increasing at an alarming rate,” chemical engineering professor Mark Bricka said. “There is no doubt that oil companies are doing well, but we all can take responsibility for high oil prices.”
According to the automotive association, average gas prices are about 68 cents higher than this time last year.
Attempts to lessen the demand for oil have included suggestions from politicians like President Bush and Sen. Trent Lott.
Bush introduced his plan to give Americans relief on gas prices to reporters Friday, citing alternative energy sources and the elimination of $2 billion in tax breaks for oil companies as important steps to rebuilding the oil economy in the U.S.
“My attitude is that the oil companies need to be mindful that the American people expect them to reinvest their cash flows in such a way that it enhances our energy security,” Bush said. “These oil prices are a wake-up call. We need to get off oil. The best way is to do that through technology.”
Regular unleaded gas prices in Starkville averaged about $2.87 this weekend, according to www.automotive.com, a site that tracks gas prices across the nation.
That’s slightly higher than the state average at $2.85, recorded by AAA.
Students traveling this weekend may want to wait to fill up their tanks, rather than stopping at the Starkville stations. The average price in the Jackson metro area was $2.82 Monday, and Memphis averaged $2.83.
Congress will look into fuel efficiency and find ways to keep the rising costs at bay, Lott announced during his radio address Thursday.
“We’re developing legisla tion that will have hopefully some short-term positive depressing effects on the price of gasoline, and also will lead to more production in the future which will help us keep down the price of gasoline at the pump in the future,” Mississippi’s junior Senator said.
Steps in the right direction, Bush said, include new pipeline systems, refineries and exploration of alternative renewable sources of energy like hydrogen.
Senior industrial technology major Paul Hartsell agrees.
“I believe that there are better ways we can use the resources that we have, like electric motors, hydrogen cells and others,” Hartsell said. “Somebody stands to make a lot of money for us to not use those alternative energy sources.”
Bricka feels that U.S. consumption of oil is also a huge factor in prices.
“We all have fuel inefficient cars and trucks,” Bricka said. “Bottom line, both you and I are oil hogs with regard to the rest of the world. We have 25 percent of the oil demand and only a fraction of the population.”
Other factors in Bush’s plan to relieve Americans include eliminating additions to the oil reserve over the summer and lowering Clean Air standards in some places in order to allow for burning of cheaper oil.
Hartsell disagrees with the latter.
“I despise the idea of lowering emissions standards to save money,” Hartsell said. “I believe that there are better ways we can use the resources that we have.”
Bricka feels that taxes might be a way to steady gas prices.
He also feels that the U.S. dependency on oil is a huge factor in the newsworthiness of the energy crises.
“In the European Union, gas is about $4 per gallon and has been for years, prior to 1988,” he said. “I don’t see the EU complaining about the high prices of gas.”
While those in the EU may have been paying the ultimate price for motor vehicle transportation, those in the U.S. are unaccustomed to such price, and the price at the pump is causing major frustration.
“It is making it difficult for me to do my job,” he said. “It just seems like there should be some sort of relief.”
And for most, that relief will not come soon, Bricka said.
“If oil prices drop, gas prices will probably decrease, but I believe the price will still remain high.”
As far as right now goes, Bricka said, the best way to deal with the energy crises is to use common sense.
“We should all take fewer road trips, get smaller, fuel-efficient cars, carpool when possible and generally do anything to reduce our oil demand.”