Speculation Could be to Blame for Gas Prices 

Every pump you pass has one thing in common: they’re all getting more expensive.”I would say since about the last week or second in January they have steadily increased.”Bob Dawes is the Equipment Manager for the city of Bangor, who has recently had to turn his focus to the city’s fuel budget, a number that takes a hit anytime gas prices soar.”Well, it makes it terribly difficult. We’re trying to run energy vehicles here, have snow plows, police cars, ambulance, fire trucks.”Bangor’s gas prices jumped sixteen cents in the last week, topping the national average.But according to University of Maine economics professor, Jonathin Rubin, what’s become a pricey trend throughout the country may not be rooted in a tangible problem.”It’s fear. I think it’s fear about where we could be going. There is actually not a shortage of oil right now.”However, recent concern over Libya’s suspension of oil would beg to differ.Rubin doesn’t believe turmoil in the Middle East is to blame for the spike in costs.”Libya does not supply us with a significant amount of oil our markets are reacting to an international price. It’s not a domestic supply concern. This is a national issue that has to do with maintaining well diverse oil supplies.But even if that’s the case, a crisis thousands of miles away is still having an impact here at home. “It’s a world oil market, so the world oil prices are going up,” said Rubin.Which means the numbers for the country’s major oil contributors, Canada, Mexico and Saudi Arabia, are higher. And those inflations are showing up all throughout the city.