“Ukraine crisis, other factors driving higher gas prices in the U.S.”
Patrick Penfield, professor of supply chain practice and director of Executive Education in the Whitman School, was interviewed for the Spectrum News story “Ukraine crisis, other factors driving higher gas prices in the U.S.” Penfield, and expert on supply chain management, explained that there is a fear that global sanctions on Russia could impact oil prices, as the country is the primary supplier of oil for Europe. As a result, gas prices in the U.S. will likely rise even more, meaning that the Biden administration will need to figure out how to mitigate the problem. “The Biden administration has some recourse. They could release more oil from the strategic national reserve, and the second thing they can do is start buying more oil from Iran,” Penfield said.