By Michael Kennedy

As the average price of a gallon of gasoline in Louisville reaches $3.12 a gallon, some of those hit hardest by the increase are college students.

January 3- 6, gas prices of area stations averaged $3.14, with only a half-cent separating the five stations’ averages. The stations included in this study were the BP on Warnock and Arthur, Circle K on Lee and Arthur, Kroger on Second and Central, Thorntons on Crittenden and the Speedway on Crittenden.

Last February, The Cardinal did a similar study and found $2.15 to be the least expensive price per gallon, at the AP on Third and Winkler, which has since closed.

Eleven months later, prices have risen by 70 percent. Working wages have lagged behind and those with low incomes, including students, are feeling the squeeze.

Many students share the sentiments of sophomore chemical engineering major David Russ. “I cringe every time I go to the pump and every time I go somewhere I have to second guess myself – is it really worth the money?”

However, local energy associate Kenny Schoolcraft said, “Economic fundamentals have shown that demand is fairly elastic and has not really decreased even when gas prices have gone to $3 a gallon.”

Damon White, a senior business major from Los Angeles, takes the prices all in stride. “I don’t understand why people here complain about prices when you have some of the lowest prices in the country.”

Louisville is currently two cents above the national average.

Over the past 11 months, the price of crude oil, the primary contributor to gasoline’s price, has increased dramatically, from $57.99 to $100.09 a barrel, amid increasing demand from China and India, Middle East violence and a weakening dollar.

Schoolcraft said, “I am not sure anyone knows how high crude oil, and thus gas prices will go, but the days of $50 a barrel crude oil and $2 a gallon gas are well behind us.”

There are options for students who want to save money on gas. With a valid student ID, U of L students may ride TARC free on any of its 52 routes. Additionally, there are a number of Web sites helping to organize carpools.

For students that must drive, there are Web sites reporting various stations’ prices, although these are user submitted, and not always current.