A Crude Oil Awakening

By: Hailey Frances Email
By: Hailey Frances Email

October 19, 2007

Crude oil has shot up more than $90 a barrel for the fifth time in a week. Experts are saying this is a sign of price hikes to come.

AAA estimates that by the Thanksgiving day holiday, consumers will begin to see the effects on their wallet.

After Hurricane Katrina in 2005, crude oil prices were around $75 dollars per barrel. That caused gas prices nationwide to spike to more than $3 per gallon.

Now, AAA is advising consumers to be ready for costly gasoline.

"For the average consumer, if oil prices go up, that's money that people don't have to spend on other things," said Paul Crumpler, Energy Programs Manager at UVa.

The rising price of crude oil will also effect people who use oil to heat their homes, as well as the cost of jet fuel.

Expect many airfares to reflect the changing prices in the upcoming months.

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