Researcher Sees Chance for Lower Fuel Prices
The director of research at Ball State University’s Center for Business and Economic Research in Muncie, Ind., is suggesting gas prices could drop quickly once the turmoil in north African and the Middle East calms down.
Dagney Faulk says the political unrest is the key factor in driving up the cost of crude oil, which is forcing the price at the pump to reach $4 per-gallon throughout Indiana, Inside INdiana Business reported.
Members of the Indiana Senate this week passed a resolution encouraging the U.S. to import more oil from Canada instead of the Middle East.
The resolution refers to a U.S. Department of Energy study that finds growing Canadian oil sands importation by the U.S. has to potential to substantially reduce dependency on non-North American sources.
It also points to oil companies making commitments to upgrade and expand refineries in the Midwest to make gasoline from Canadian oil derived from tar sands.
The includes the massive upgrade at the BP Refinery in Whiting, Ind.
But Faulk says importing more oil from Canada, is not likely to be a long-term solution.