CRER director and chief economist Howard Wall was asked by NewsChannel 9 what he thought might happen to gas prices in the wake of US air strikes on Iran:
“We’re better prepared because we get much more of our own fuel domestically than we used to,” says Dr. Wall. “We now are exporters of fuel. So we should actually not see as big a blow as in the past.”
“There’s a buffer for the time being, because suppliers have bought things on the on futures markets, so they’ve already have their prices locked in for a while, and the US production should cushion the blow of anything that goes on in the rest of the world.”
“I’m not sure of the exact length of time. But if it starts lasting more than a month, then you’ll start really, I think we might start actually seeing something.”