Mark Finley, Fellow in Energy and Global Oil, Baker Institute for Public Policy at Rice UniversityPoliticians of either party like to blame the current president for any uncomfortable increases in how much we pay for gas.
“During the pandemic, OPEC and a group of cooperating countries and Russia, engaged in the biggest voluntary national production cuts the world has ever seen,” he said. “And they’ve been very cautious in slowly dishing that oil back into the marketplace.” “By itself, the price of gasoline has accounted for 20% of all of the consumer price inflation in the U.S. in the last year and we have to ask ourselves, where does that burden fall? The data shows that it falls most heavily on low-income families.” he added.
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