UCF students rejoiced when gas prices hit $2.10. They clicked their heels when they dropped to $2. But they did back flips when it dipped below $1.90.
However, the celebrations have come to an end as gas has recently spiked up to $2.49 in the UCF area, according to Gas Buddy. And Michael Green, AAA public relations manager, expects prices to rise to $3 per gallon in the near future. Currently, the lowest price in the area at the time of publication is $2.36.
And although the UCF area is seeing a spike in gas prices lately, it's nothing compared with previous numbers. In recent years going back to 2008, nearly $4 was charged per gallon, according to Gas Buddy.
Green explained that the drastic increase in gas prices in the past couple years was due to a higher demand for gasoline and low production. He said that lately petroleum increased domestically. There's overproduction and a weaker demand for gasoline, which is in part thanks to the production of more fuel-efficient cars, among other things.
Daniel Marien, a political science professor at UCF, explained how President Barack Obama could have impacted the gas prices over his presidency.
"[Obama] has enacted a remarkable tightening of fuel efficient standards. Efficiency standards for light vehicles were raised 14 percent between 2008 and 2013, and additional increases are written in the law," Marien explained. "The government estimates that once fully implement these stricter standards will reduce national consumption of oil by 2 million barrels a day."
Marien said that in this respect, Obama deserves some credit.
"The President deserves some credit for the current price fall and for the related reduction in polluting emissions," Marien said.
Marien said increases in U.S. oil production with different technologies, such as fracking, have also contributed to the recent fall of gas prices. Fracking is the process of drilling and injecting fluid into the ground at a high pressure in order to fracture shale rocks to release natural gas inside.
"U.S. domestic oil production increased from 5 million barrels a day to 9 million barrels a day in recent years," Marien said.
Bruce Wilson, another political science professor at UCF, said gas prices are not only falling in the United States, but worldwide.
"Gas prices are not just falling in the U.S., but around the world. This has had a major impact on all oil producing countries including the richest ones, such as Norway," Wilson said.
According to the Global Petrol Prices, the United States' gas prices are among the 25 countries with lower gas prices. The recent statistics correlate with what Wilson said, showing their price decrease worldwide.
In the United States, prices will continue to fluctuate by a few cents for the rest of the year and with more environmental options and more technology available this will most likely continue to be true in the upcoming years.
Natalia Baqueiro is a Contributing Writer for the Central Florida Future.