‘We are 1 tropical storm away from $5 gas’: Economist

Updated: Sep 5, 2022 / 08:38 PM CDT

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(NewsNation) — The national average for a gallon of gas has dropped to $3.75, which is still up nearly 60 cents from this time a year ago.

The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, met Monday and agreed to cut oil production next month by 100,000 barrels a day.

Many people are wondering how that will further impact gas prices.

Dan Roccato, a clinical finance professor at the University of San Diego, says the goal of OPEC+ is to “take as little oil out of the ground as possible and as much money out of your purse as possible.”

If we were to see gas prices go back to $2 or $3, the economy would be in full recession, Rocatto said during an appearance Monday night on NewsNation “Rush Hour.”

The economy expert also says we’re just “1 tropical storm away from $5 gas.”

“It’s not just the oil that comes out of the ground. It’s what we do with the oil after it comes out of the ground. The refineries right now are working at 100% They’re maxed out. So if we get a storm… Hold on, because prices are headed up.”

He said we would probably not see $2 per gallon gas again in our lifetimes. See the interview above for more.