A Department of Natural Resources energy analyst says an increase in gas prices in the last month could be a sign of economic recovery. Analyst Tommi Makila says the economy hasn’t revved up enough though that gas prices will push a lot higher. Makila says there is still a good supply of gasoline and oil in the market, and we are unlikely to see prices we saw last summer.
The latest D.N.R. survey found the average price of a gallon of gas at $2.16 a gallon, well below the $3.66 a gallon price one year ago. People were encouraged to conserve fuel by doing things such as checking their tire pressure or tuning up their car’s engines. Makila says the conservation was part of the whole mix that caused gas prices to drop.
Makila says with more people unemployed, that cut down on the miles driven. He says there’s also evidence that people have been downsizing their cars and taking steps to drive less and conserve fuel. Makila says there’s no way to tell if people will continue their gas conservation efforts since prices are well below last summer’s record high — but he says they should take notice of what happened.
Makila says the uptick in prices shows we shouldn’t forget the lessons that we learned when gas was four dollars a gallon. Makila says most experts are predicting gas prices will stay around $2.20 a gallon this summer.