The freezing wind whipped senior Kyle Byrd’s back as he placed the gas nozzle into his 2002 Buick Regal.
The prices on the worn out screen began to climb, but they were climbing slower than usual. Finally, the numbers stopped, and the price for his tank of gas was almost half of what it had been two months earlier.
This was the situation for many Americans in January and February when gas prices fell drastically. A number of states, including North Carolina, had gas prices that dipped below $2 per gallon.
“Seeing the gas prices fall under the $2 mark made filling up my tank less of a hassle and caused less worry when traveling,” Byrd said. “When the gas prices were low, I had more money to spend on things I wanted to buy.”
According to Byrd, the reduction in gas prices benefitted high school students.
“We’re as free of foreign oil as we’ve been in 30 years,” President Barack Obama said to PoliticusUSA. “We’ve doubled the amount of clean energy that we’re producing. A lot of families are saving a lot of money at the gas pump, which is putting some smiles on folks’ faces.”
In 2013 net imports accounted for 33 percent of the petroleum consumed in the United States, the lowest annual average since 1985. Importing oil is more expensive, especially when it’s coming from more than 80 different countries.
Oil production in the United States cuts out much of the cost for transportation. America’s domestic oil production has grown from 5.6 million barrels per day in 2011 to 7.4 million barrels per day in 2013. The projected production forecast for 2015 is on average 9.5 million barrels per day, according to the U.S. Energy Information Administration.
The United States has become less reliant on imported oil. The increase in oil production has led to price reductions.
“Lower gas prices cause people to be less frugal with their traveling habits,” Byrd said. “This causes a greater impact on the environment by not carpooling and driving greater distances.”
Over the past six weeks, gas prices have climbed back up to almost $2.50, but the last time gas prices were under $2 per gallon was 2009.
An increase in crude oil prices has recently driven prices back up.
By Dhuru Patel
