Gas Prices Jump but Texas Tech Professor Says $5.00 a Gallon Not Likely
With gas prices going up all over the nation, Lubbock is offering a pretty good deal. The cheapest gas in Lubbock today(Tuesday, Feb. 28) is $3.34 at the Valero station at Loop 289 and the Slaton Highway, according to this site. The state's average price sits at $3.57 a gallon and nationally it's $3.67. We're approaching $4.00 a gallon but one expert in Texas Tech's Petroleum Engineering department thinks $5 won't happen.
If they do rise, Department Chair Mohamed Soliman tells Texas Tech a lot of factors are to be considered. "I seriously doubt $5 per gallon would happen by summer, unless Israel attacks Iran--and then if Iran were to respond with a series of attacks, not only on Israel, but also on Saudi Arabia for the perceived notion that Saudi Arabia supported the attack."
He adds that $4.00 a gallon would probably not affect President Obama's reelection chances, but $5.00 a gallon would. No political statement here, but just speaking merely from the heart of my pocketbook, I'm hoping they stay below $4.00. But also wondering what's my breaking point? As a consumer, how high is TOO high? Will I pay $8.00 or $10.00 a gallon. Would you?