On Wednesday afternoon, gas prices ranged from $3.95 at a Marathon about five miles out of town to $4.19 at stations closer to campus. This exceeds both the state and national averages.
State average: $4.02
National average: $3.85
Ball State economist Michael Hicks has identified three main causes to the increase in prices at the pump: demand, regulation and international unrest.
Demand
Following the economic downturn in 2007, global demand for petroleum began to rise.
Regulation
The Clean Air Act of 1972, and amendments that followed in 1990, led to new standards for gasoline mixtures.
Unrest in the Middle East
Speculation about Israel developing nuclear capacity in the next couple months also has people worried. Military action by oil-producing countries has historically led to higher prices, evident by the Iran-Iraq War in the 1980s and the Second Persian Gulf War (Operation Iraqi Freedom) in March 2003.
Sources: Center for Business and Economic Research at Ball State, gasbuddy.com
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