Nick Loris was quoted in Daniella Genovese’s reporting for The New York Post on why gas prices are likely to remain high.
- Energy analysts warn that energy costs will remain high regardless of the election results because politicians do not actively determine prices.
- Gas and energy prices are driven largely by global supply, which has been hampered in the wake of Russia’s war on Ukraine and OPEC’s decision to cut production.
- While immediate solutions are in short supply, policymakers can bolster future energy security by investing in critical infrastructure like refineries and pipelines, repealing restrictions, and pursuing an “all of the above” energy strategy.
“’On a global level, the 15 million barrels equates to a few hours’ worth of consumption,” [Loris] said. ‘That’s not really going to move the needle on prices at the pump, especially because the market is already anticipating the release of the reserves.’”
Read the full article here.