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Oil Prices Impact More Than Just Price At Pump

$4 Gallon Gas Expected In Summer

POSTED: 11:54 am MST February 29, 2008
UPDATED: 1:47 am MST March 2, 2008

The rising price of crude oil is hitting Americans right where it hurts, in the pocketbook. And the impact goes far beyond prices at the pump.

Nowhere is the price of fuel more evident than at the grocery store.

"It doesn't get here magically. The truck brought it here," said Metro State professor of international economics Mohammed Akacem.

After all, oranges just don't grow on trees in Colorado. For that reason and others, Sunflower Farmers Market, a natural foods market, is constantly shifting suppliers, buying smarter and buying bigger.

"Well, it's been a challenge. At least our market niche. You know we try to be the low price leader, so our price image is everything," said Sunflower's founder and Chief Executive Officer Mike Gilliland.

Akacem attributes high prices to tight supply and demand, and various other contributing factors. "You have all the economic events in terms of what's going on in Pakistan, Iraq, Afghanistan, even as far away as Nigeria," said Akacem.

And if you're looking forward to summertime temperatures, you might want to consider the economic forecast.

"I think that $4 dollars(/gallon) is already in the cards. I think we're already close to it in some states," said Akacem.

Some experts believe the rising cost of crude oil could be a blessing in disguise. The argument there is that high prices force us to talk about alternative fuels.

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