Ashley Thomas is staying close to home this summer and avoiding vacation time because of high prices at the gas pump. “We went on vacation last summer, but I didn’t have to pay for gas,” the biology senior said. “This year we’re not going anywhere because gas prices are too high.”Following a sharp drop-off at the end of last year, gas prices have been steadily increasing this summer. But Michael Right, AAA vice president of public affairs, said AAA predicts gas prices have hit their summer peak and will now slowly even out.”There is nothing happening in the oil markets right now to suggest a rapid increase in prices anytime soon,” he said. “However, no one predicted last summer that prices would rise to $4 dollars a gallon.”Oil is selling at less than $60 a barrel — down from $71 a barrel on June 15, Right said.As of July 14, the average price for a gallon of regular unleaded gas in Louisiana was $2.438. The price on June 14 was $2.55, while the price a year ago was $4, according to AAA. Some oil refineries cut back production at the end of last year because oil supply exceeded demand, and refineries weren’t making money, Right said.”We started the year in good shape, but started to see the demand pick up,” he said. “Some refineries that had shut down for repairs re-opened and had to play catch-up to meet demand.”James Richardson, Public Administration Institute director, said gas prices have always increased in late spring to early summer because of an imbalance in inventory.Richardson said consumers adjusted their spending habits because of the recession, reducing their spending on gas.”[After last summer] the demand went down and companies couldn’t sell gas at those prices,” he said. “It’s the typical supply and demand.”Right said uncertainty and speculation in the oil markets caused prices to rise to an artificially high number last summer, peaking around $4 a gallon. He said once the speculators bailed out of the market, prices began to drop.Richardson said he doubts prices will return to last summer’s high and thinks the current price of oil — between $60 and $70 dollars a barrel — is a reasonable long-term prediction.”$4 a gallon is not a sustainable number,” he said. “Economic recovery will be impeded if the price returns to $4 dollars a gallon.”Gary Breitenbeck, School of Plant, Environment and Soil Sciences professor, said the price of oil has been rising because of increasing awareness of the finite supply of oil, coupled with an increasing demand.Breitenbeck said estimating oil reserves is difficult, but predicts the domestic supply will only last another 15-20 years.”Given current consumption rates, all the oil on Alaska’s north shore will only run the country for three months,” he said. Breitenbeck said not only has the world’s oil supply reached its peak, but there’s a growing demand worldwide for oil.”We’re not the only ones who dream about a Camaro anymore,” he said.The increase in gas prices — in addition to the economy — has also affected traveling.Right said travel has decreased by 2 percent each year for the last two years. However, he said some vacation destinations, such as less expensive and local attractions, are doing quite well economically. Other locations, such as Las Vegas, are hurting, he said.”It’s a steady, but slight decrease,” he said. “Not enough to make a huge amount of difference.”Ellen Ogden, art senior, said she bought a bike last to save money. “Since I bought the bike, I’ve only been filling up once a month,” she said. Right said he is uncertain about the future of gas prices, but he predicts long term prices will increase because of demand and a new wave of environmental regulations.”No one knows for certain what we’ll be paying,” he said. “We probably will see higher prices, but no one can be certain exactly just how high they will be.”  —-Contact Steven Powell at [email protected]