“We’re Not Going to See $2 or $3 Gasoline Even in the Near Future:” Analyst on the Reason Why Gas Prices Are So High – May 2022
Severin Borenstein, Faculty Director, discusses the relationship between crude oil and gas prices in the CBS News article.
” ‘Most of the increase has come from crude oil prices going up, and that’s because world demand has been coming back quite strongly from the pandemic and supply hasn’t caught up,’ he said. ‘Even before Russia attacked Ukraine, we were seeing the production of oil lagging. Producers in the United States are reporting they’re having a hard time getting workers to come back to the oil fields. They’re having supply chain problems with parts and equipment.’ ”