Tom Drennen, associate professor of economics, was a guest on the Bob Smith show on WXXI at 1 p.m. on Monday, June 21, to discuss gas prices.
Drennen was featured in an article in the June 19 Asheville, N.C., Citizen-Times, titled “High fuel prices put a hurting on businesses.” Gasoline prices seep down through every segment of the economy, costing everyone more, said Drennen.
“It touches everything, because everything we do requires oil,” Drennen said, citing everything from grocery deliveries to grocery bags, which are made of plastic derived from petroleum. “It absolutely ripples through the whole economy. In the past, oil price spikes have led to recession.”
According to the article, Drennen doesn't foresee that happening now, although he says the economy is not rebounding as strongly as it could be. He suggests gas prices likely will continue dropping for the next few weeks, probably reaching a plateau in the $1.40 a gallon range.