Drennen Quoted on Gas Prices – Hobart and William Smith Colleges \
The HWS Update

Drennen Quoted on Gas Prices

Tom Drennen, associate professor of economics, was quoted in the June 10 St. Petersburg Times article “Conserving beats complaining.” Europeans, who pay more for gas than Americans, have adapted their habits to conserve energy.

“You see women wearing fur coats on the trains in Switzerland,” said Drennen. “Everybody rides – there is not the same stigma attached.”

Drennen was also quoted in the June 1 Daily Messenger story “Pinched!” The article focused on the rising prices of milk, eggs, beef, and gas.

According to Drennen, gas prices increase when there's concern about the supply of oil in the Middle East. “We have so may supply-and-demand issues going on,” he said. “It makes a huge difference.”

“OPEC isn't to blame for actually setting the price of oil,” Drennen noted. “All they can do is control supply and demand. A lot of what's driving prices is psychological. It's the whole feeling that supply is really tight, which it is. It's the traders in New York City — it's almost like hysterical at times, and that really drives prices up. It's like stock prices.”