Opus College of Business Finance Professor David Vang spoke with WCCO-TV on the recent promotion by a Forest Lake, Minnesota, gas station. The station briefly lowered its gas prices to $2.38 per gallon, with many residents taking advantage.
From the story: Professor David Vang with the University of St. Thomas' Department of Finance says part of the reason for the drop is that a sluggish economy has slowed demand. But he says prices are likely to remain on the high side as the market factors in policies meant to reduce the supply of gasoline.
"Signal to the oil markets and so forth that yes, we actually want more production and want more gasoline, we want more refineries," Vang said. "Those kind of things would start having a reduction effect on gas prices right now."