Yes, gas prices will be high this summer
UC Clermont expert weighs in on the state of the supply chain
WLWT recently posed the question of what will happen to fuel, shipping and the economy if the proposed peace deal with Iran goes through.
The station turned to assistant professor-educator at the University of Cincinnati Clermont Seth Powless for a look into how supply chain volatility will keep prices up in the air.
On gasoline, Powless explained that summer travel demand and refinery maintenance will play a role on price regardless of any geopolitical changes.
"We may see a dip in the $2.89 range, so to speak, but it's not going to stay that way for the foreseeable future," Powless told WLWT.
He also offered commentary on how he expects retail and manufacturing companies to react to the government’s tentative deal.
"Do [companies] start trying to find ways to lower prices by changing their supply chains with so much volatility still in existence? Or do they stay the course in a 'wait and see model' and see what happens? And the answer is they're going to wait and see," Powless said.
Featured image at top of an oil well. Photo/Adobe Stock
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