WLWT: Gas prices likely to remain high through holidays
UC economist says demand from consumers is driving up costs
Americans likely will see high gasoline prices through the holiday season, Michael Jones, an associate professor of economics at the University of Cincinnati's Carl H. Lindner College of Business, told WLWT.
The average price for a gallon of gas in the United States is $3.42, the highest since 2014.
"Prices are determined by supply and demand,” Jones said. “It's an economist-favored phrase, and demand continues to increase. Consumers are back, they are traveling, they're spending money.”
Attempting to reduce gasoline prices, President Joe Biden ordered 50 million barrels of oil released from America’s strategic reserve.
Jones doesn’t expect the move to have much effect on prices, though, at least not immediately.
"Practically, you can't release 50 million barrels of oil right away into the market, but prices respond to anticipation... He's wanting to release about 50 million barrels of oil, and the United States consumes about 20 million barrels of oil a day, so while it may seem like a lot, it's actually not that much," he said. "I think what Biden is trying to do is send a signal that he's serious about trying to address the higher gas prices."
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