Though gas prices in recent weeks have been on an upswing and are expected to increase
as the summer driving season draws closer, one Kennesaw State University economist
said the cost at the pump is expected to remain far under where it peaked just five
Roger Tutterow, professor of economics and director of the Econometric Center at KSU,
said while the increased demand for gasoline typically seen during the warmer months
would likely have an effect on prices, crude oil prices would have a greater effect,
and he believes those prices will stay relatively low through the remainder of the
year and into 2017.
“We have increased domestic production so much over the past 10 years — that built
up some inventories. And we have yet to see a meaningful reduction of oil coming out
of the Middle East. That kind of departs with a historical pattern where for the past
several decades, when oil prices came down, Middle Eastern countries would cut their
production to support price,” Tutterow said. “They’ve been reluctant to do so the
past few years, so we really haven’t seen much in the way of a supply restriction
in response to lower prices out of that region.” …
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