UC economist explains why gas prices are slow to drop
Asawari Deshmukh tells Local 12 market volatility causes lag
Gas prices rise quickly but are slower to come back down because of market volatility, University of Cincinnati Assistant Professor – Educator Asawari Deshmukh told Local 12.
Asawari Deshmukh, assistant professor – educator of economics at the University of Cincinnati Carl H. Lindner College of Business.
Even though oil prices have dropped more than $20 a barrel from their recent high, gas prices haven't seen a similar drop. Gas stations are waiting to see if the downward trend of oil prices will continue before making significant changes to gas prices, Deshmukh said.
“It's very often that people are waiting to see is the price of that crude oil really going to go down or is it just a one-time blip,” she said.
Featured image at top courtesy of Unsplash.
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