In the News: Economics Professor Discusses Rising Prices at the Pump

Frederick Floss, professor and chair of Buffalo State College’s Economics and Finance Department, spoke with Spectrum News 1 reporter Ryan Whalen on gas prices for a story that aired March 8. 

The story, “Russian Energy Import Ban Likely Means Even Higher Gas Prices,” delves into the impact of the Russian invasion of Ukraine on gas prices across the country. According to Floss, gas prices were artificially low before the invasion began, because of the coronavirus pandemic, and were beginning to rise before the conflict.

“We’d expect it to be about $5.50 a gallon if inflation had held for gas like it does for everything else,” he said. 

The war in Ukraine has caused prices to spike more quickly, Floss said. Driving less may be the best way to keep prices down. 

“Businesses can play a role in this by allowing people to work from home,” he said. “If they work from home, more people won’t have to spend as much on gas, and they'll have more money.”

Regardless of the steps taken to reduce prices, high gas prices are likely here for a while, Floss said.