Crude oil prices continue to soar to record highs but experts say it could boost Acadiana’s economy. While the rising price of gas is a bit frustrating for the people of Acadiana, experts say the extra money Americans are paying at the pump could benefit our area.“ It puts more money in the economy for Lafayette and that’s a larger cycle of everything from housing to banking, to every other sector in the city,” explained Todd Zehnder, Vice President of PetroQuest Corporate Development.

Zehnder of PetroQuest said that because of the declining value of the dollar and a low oil supply, crude oil prices are at an all time high. And economists encourage people to be patient during these money crunching times. “I think that you get that initial panic stage and people worry that it is just going to continue to go through the roof,” said Dr. Anthony Greco, UL Department Head of Economics and Finance.

But economists say that because of supply and demand, and past trends, gas prices and energy bills shouldn’t burn a hole in your wallet for too long. “Eventually the market should self correct and come on down again,” added Greco.

But in the mean time, energy specialists suggest capitalizing while crude oil is a hot commodity. “Buy energy stocks or just be happy that the local economy is so strong,” Zehnder said. Experts encourage everyone to be gas efficient and to watch and control your thermostats at home.