Will gas prices go up now that the U.S. is dealing with an elevated conflict in the Middle East?
While some have said yes, one economist from Syracuse University’s Maxwell School says it probably won’t happen in the near future.
Rising gas prices is a natural concern for those in the oil industry.
Don Dukowski, is an economics professor emeritus at Syracuse University’s Maxwell School. He says one reason for his conclusion is because the majority of American-used oil comes from the U.S. Only 11 percent of American-used oil is imported from other countries, according to the U.S. Energy Information Administration.
The U.S. produces about 17.7 million barrels of petroleum every day, according to Spectrum News. Dukowski says an airstrike like last week’s might have had a big impact in the 80s or 90s, but present day – doesn’t do much harm.
“I don’t think you’re going to see much of anything,” Dukowski told Spectrum. “The U.S. has made remarkable strides in terms of energy production. We are largely self-sufficient at this point.”
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