WASHINGTON, Ill. (WMBD) — As oil prices continue to rise, the effect is trickling down to other parts of people’s lives.
In just one week, the average cost of a gallon of gas in Illinois has shot up 40 cents, according to AAA.
“With the gas prices, it’s harder to come home, and I’m stuck at school more. Not being able to see my friends is really hard … I started working more, too, so I have more money to spend on gas,” said Libby Adkins, a student at Illinois State University.
Colin Corbett, assistant professor of economics at Bradley University, said oil is an inelastic commodity, “Which means that a small shift in quantity supplied can lead to a large change in price.”
As oil gets more expensive, people tend to buy less, he said. Diana Bertelsen, manager at Beck’s Oil in Washington, agreed.
“People are coming in more often and getting less gas more often, just to combat that high price,” she said.
Max Jones drives from Pekin to Illinois Central College every day. He said he had to cut out other things to budget for gas.
“Gas is a top priority for me. You do that, and you cut back on some of the spending on fast food and whatnot,” he said.
Corbett said oil will continue to rise in price as long as the Russia-Ukraine conflict draws on.
“So I guess if you want gas prices to go down, hope for a peaceful resolution to the Ukraine crisis,” he said. “In order to not capitulate to Russia, we have to put up with high gas prices and so by not complaining about high gas prices or whatever, we are helping to stand up for Ukraine.”