HUNTSVILLE, Ala. — We’ve seen record-high gas prices. The average price for gas in Alabama according to AAA, is about $4.60 a gallon.
Our Keneisha Deas spoke with an Alabama A&M University professor on gas, and inflation projections.
Normally when crude oil prices are up, so is the price of gasoline. So where do we stand?
“The crude oil price actually is still [rising], and yes, it’s still going up,” said MBA Program Director College of Business & Public Affairs, Dr. Qian Shen.
However, Shen said we could see more of this. “It might be possible for the President to release more strategic oil reserve, and that’s the case we might see a more stabilized gasoline price.”
We asked if we could see an increase in inflation, and Shen said it’s ‘very likely’. “Even the federal reserve is controlling inflation, mainly by increasing the interest rate and everything. It might still be some sticky inflation. So the price may stay high for a while.”
Food supply is also impacted. “Because of this war in Ukraine, it’s traditionally the food supplier for the world. So a lot of places in the world, they are short of food supply.”
In 2019, about one-quarter of the world’s wheat comes from Ukraine and Russia.
“They probably just need to just change their consumption habit a little bit.”
She says be a more conscious consumer. Consume what we can and don’t waste food, and don’t overbuy.
Shen also said to conserve gasoline, by mapping out where you want to go. She believes this will be the trend going forward.