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
The Preservation Hall Jazz Band performed on Bo Diddley Community Plaza on Thursday as part of a street fair. The fair was part of day three of the 2015 frank conference.
A deteriorated culvert failed inspection last month, closing the Overleaf overpass over State Road 23 until a new culvert is built. The construction has caused traffic issues and added to commute times.
Doc Mishler rides around the country on horseback preaching his Christian beliefs. He travels about 20 miles per day and rode through Gainesville on Monday.
After moving to its new location next to Satchel’s Pizza, The Repurpose Project has more than quadrupled in size and substance. The owners plan to expand with the additional space, adding a garden, play area for kids and an event area.
A wildlife preserve in Dixie County used for hunting is for sale. The current owner said he will not require the buyer to continue in the hunting business.