Economics Professor Tom Drennen was part of a discussion in The New York Times about how oil prices will likely drop if the U.S. goes to war. In an article on Jan. 6 titled “Oil Market Braces for Possible Iraq War”, Drennen noted that once Iraq is producing, “someone else will have to give up something to keep prices at $25 a barrel, the OPEC ideal. That means someone will probably cheat, and gas prices will drop to the $1-$1.20 range.”
This story was an Associated Press story and was also picked up in the Canandaigua Daily Messenger Jan. 6.
Drennen is the author of more than 20 publications that were produced in collaboration with various colleagues including “Who Will Fuel China?,” “The Kyoto Protocol and International Trade: the Carbon Loophole,” “Solar Power and Climate Change Policy in Developing Countries,” and “Agricultural Dimensions of Global Climate Change.”