Thomas Drennen, assistant professor of economics, was quoted in the Feb. 10 Anniston Star (Anniston, Ala.) story “As talk of war with Iraq mounts, prices creep up higher”. The article examined the rising price of gas, as the result of the possibility of war with Iraq. A drop in gas prices would happen immediately after military forces enter Iraq, predicted Thomas Drennen. He blamed much of the price increase on a fear of the unknown, adding that those fears are unfounded since Iraq hasn't been a major oil producer since the early 1990s.
“You'll almost always see an increase as long as there is an uncertainty,” Drennen said. “All the people who are buying oil, they don't know what's going on and don't care about the prices.”
Drennen believes once the tension in the Middle East is settled, Iraq could begin selling oil again, flooding the market and sending prices even lower.