It's a question that most of us ask every time we fill up. Why are we paying so much money at the pumps? KLTV asked the experts. "The federal reserve reduces interest rates and the dollar declines in value. So, the price of oil goes up because Saudi and Kuwait wants to be paid in dollars. Will the price of fuel go back down? No, I don't think so. I think the day of $1.00 gallon gasoline is gone," said Joe White, director of the Kilgore College Oil Museum.
High gas prices aren't just hurting drivers, but the companies bringing the oil out of the ground. "The workforce is losing a tremendous amount of numbers of workers due to retirement. They're having to pay a lot of overtime to workers," said Duey Greer, Process Technology Instructor at Kilgore College.
Kilgore College dropped their Process Technology degree fifteen years ago. Now, because of industry demand, they're bringing it back, training students to be skilled petroleum operators, welders, and technicians.
The benefit for gas consumers is the students skills. The companies are having to pay overtime to employees. The overtime pay cost the companies more to make a gallon of gas.
So, the companies employ more experienced people, that's one way maybe we could help out on high gas prices.