Banaian Doesn’t Expect Gas Prices to Drop Much in the Next Month
Gas prices were virtually unchanged in the past week. More on this here. St. Cloud State Economist and Dean, School of Public Affairs joined me on WJON this week. He says slowly but surely OPEC has decided to increase their supply by pumping a little bit more. Banaian also says people are traveling a little bit less than expected which brings demand down. He says in the next 30-60 days he doesn't expect the price to move much in either direction. Prices today at most stations are $3.03 a gallon with the cheapest price in the St. Cloud area at $2.85.
Banaian says typically gas prices around the holidays go up but they didn't move much over the past month. He says the trend typically sees prices drop in January and February but he's not sold on that happening. Banaian says if there is a feeling of an all-clear from the pandemic he would expect to see prices rise with an increase in demand. He says this could happen within the next couple of months but it could be another 6 months.
If you'd like to listen to my conversation with King Banaian it is available below.