Neeley Professor Discusses Gas Prices with ABC News
As gas prices slide across the country, a TCU energy expert is helping national audiences understand where they head next.
Tom Seng, assistant professor of professional practice in energy finance in the Neeley School of Business, spoke with ABC News about whether the recent drop in fuel costs will hold.
The article examined a drop of more than 13% in the national average price of gas over the past month, driven by falling oil prices as conflict in the Middle East eased into negotiations between the United States and Iran.
“The key is the Strait of Hormuz,” said Seng, who is also part of the Ralph Lowe Energy Institute. “There’s the perception that there are millions of barrels of crude sitting in tankers upstream of the strait," he said, speaking to the generally held investors' belief. "The more that can come through, the better.”
Seng noted that prices could continue to drop in the coming weeks but cautioned that the relief has limits.
“Countries will be going out and buying oil to replenish those reserves,” Seng said. He and other analysts also noted prices are unlikely to return to pre-war levels before next year.
Read the full article from ABC News.