ASU economics professor explains how oil price drop affects the U.S.
Under normal conditions, lower oil prices would be a good thing for consumers going to the gas pump. Except with many staying home amid coronavirus, people are not taking advantage of lower prices and filling their tanks as often.
Under normal conditions, lower oil prices would be a good thing for consumers going to the gas pump. Except with many staying home amid coronavirus, people are not taking advantage of lower prices and filling their tanks as often.
Bart Hobijn, professor of economics, joined The Show to talk about it. In this story aired March 20, 2020, on KJZZ:
People are using less oil to fly airplanes, less oil is being used in production because factories are slowing down production in China and other places around the world. People are using less oil in terms of gasoline because fewer people are driving and commuting. So there's a decline in demand for oil. On top of that, there's no drop in the supply because of the implicit competition between Saudi Arabia and Russia.
– Professor of Economics Bart Hobijn
Latest news
- Inaugural Student Economics Association Alumni Banquet celebrates 48 years
The inaugural event, which the department hopes to continue going forward, was a chance to…
- Amazon drones could deliver packages in Arizona this year
An ASU supply chain management expert discusses how drones might impact job creation.
- Love it or hate it, advertising can boost life satisfaction
According to an ASU marketing expert’s new research, reducing marketplace uncertainty through…