Economist Jason Jones weighs in on rising gas prices

Reporter Peyton Furtado of WYFF News 4 caught up with Furman’s Jason Jones, an economics professor, about spiraling gas prices. Extreme summer temperatures and other factors are to blame for the increases, he said.  “The extreme heat that we’re experiencing across the country right now has made it difficult for the refineries to keep up with the turning oil into gasoline,” Jones said. “They’ve had to even shut down some refineries because of the demand that’s been on their production from the cooling costs that are associated with it.”

Jones also noted that the dip in oil supply due to the war in Ukraine has also spurred elevated prices at the pump.