As Oil Prices Drop, Bay Area Residents Hope Gas Prices Will Follow – March 2022
Andrew Campbell, Executive Director, addresses dropping oil prices on NBC Bay Area.
“‘Prices at the pump tend to follow oil prices up very quickly but they do not tend to follow oil prices down quite as quickly,’ said Andrew Campbell of the Energy Institute in UC Berkeley. Campbell said two events lead to Monday’s big drop in the price of oil. One, some optimism over potential peace in Ukraine. And a surge in COVID-19. ‘In China, there was a lockdown because of COVID-19 in a major economic city, a major hub, that has the potential of causing demand in China to drop potentially,’ said Campbell. He said the price of oil could also increase suddenly should there be an expansion of the hostilities in Ukraine. Campbell urges drivers to seek out the less expensive gas stations, and reward the owners who are minimizing their price hikes.”