Why Gas Prices Have Dropped in Minnesota
Gas prices have been on the steady decline for the past few months. St. Cloud State Economist King Banaian joined me on WJON. He explained United States production of oil has reached an all time high surpassing the highs established pre-pandemic. Banaian says that oil production is holding the price down for U.S. consumers but also has political ramifications. This also keeps Russia from easily funding their war with Ukraine.
Banaian believes gas prices are not going up anytime soon. He doesn't think prices to fall much more but maintaining the price we are seeing now it likely. Banaian says a decrease in demand for gas over the winter months could lead to a cut in oil production in the U.S. which may lead to a price increase but he feels it could likely just lead to a maintaining of the price.
Talk of recession has happened for the past couple of years. Banaian believes if we are to fall into a recession it would be small and barely noticeable. He feels it is possible we wouldn't know a recession happened until well after it took place. Banaian says it is likely that no one will declare that a recession even happened.
If you'd like to listen to my conversation with King Banaian it is available below.
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