Impact of gas prices on the economy
The price of crude oil is at its highest in more than two years, driving up the prices of gasoline. Crude oil prices settled at a 29-month high on the New York Mercantile Exchange. The average price for a gallon of regular is $3.51nationally, with prices more than $4.00 in some states. University of Florida Distinguished Professor of Economics, David Denslow, says the surge in prices is not due only to instability in the Middle East, but also because of a higher demand for gasoline in other countries.
“We do have the uncertainty caused by the disruptions in the Middle East so that’s causing some storage of gasoline and some speculation, but I think primarily this is part of a long-run trend where at the moment the demand is simply growing faster than the supply.”
Denslow says as gas prices continue to increase they will force families to cut back on spending and could hinder the economic recovery.
More Stories in Local
An abandoned house in Gainesville became a home for a group of individuals that call themselves “dirty kids.” The dirty kids feel that they are different from homeless people.
Chickens die in a chicken house fire at Saavedra Farms on Wednesday night.
The Garrity family is the first family to receive the Michelle Park Family Recreation Scholarship from the City of Gainesville Parks, Recreation and Cultural Affairs Department. The scholarship is valued at $1,500 and was created for families to engage in recreational and cultural activities for free.
Kanapaha Botanical Gardens hosted the 24th annual Spring Garden Festival over the weekend. The festival flourished with thousands of attendees including, families, horticulturalists and garden appreciators who enjoyed the first days of the spring at the garden.
The Historic Ocala Preservation Society purchased the 120-year-old Bryant House in August 2013 with the goal of turning it into a resource center for historic research. After restoring the exterior and first floor of the Bryant House, the society is taking steps to transform the front parlor and hope to have the room open by summer.