Oregon Public Broadcasting

The price of oil reached $100-a-barrel this week for the first time. Economists say here in the Northwest the overall economic impact is uncertain because consumers are constantly adapting. Pete Springer reports.

Most of us will notice higher energy prices at the gas pump, but those costs can take time to trickle down.

For example, the federal government’s Energy Information Administration predicts gas prices will peak at $3.40 a gallon -- but not until this spring.

More expensive oil also jacks up diesel and jet fuel prices.  That affects shipping costs, which are generally passed onto consumers.

John Mitchell, a principle with M & H Economists, says these higher prices are triggering changes in the way people live.

John Mitchell: “Our ability to adjust, it increases over time.  In the short run, you’re stuck with the vehicle you got.  You’re stuck living where you are, but over time, you can make changes in those things.”

Mitchell adds that we’re already seeing changes in the kinds of cars we buy and how much we drive them.