Tyler Schipper, associate professor of economics in the College of Arts and Sciences at the University of St. Thomas, spoke with WCCO-TV about the potential economic fallout from ongoing strikes involving Iran. Schipper noted that the United States’ position as the world’s top oil producer may help cushion some shocks, but emphasized that oil remains part of a global market where instability abroad can quickly affect prices at home.
From the story:
“Right now, those economic impacts are going to be limited, but the place we’re going to be looking for is oil prices,” said Tyler Schipper, a professor of economics at the University of St. Thomas.
As conflict could severely limit and delay oil supply, Schipper said it might result in just a small bump in gas prices here in Minnesota, at least at first.
“I think there is reason to be concerned, given that this is an area that produces a lot of oil, but also being cautious in that concern,” said Schipper. ...
There’s Wall Street speculation of reaching $100 per barrel for oil, a potential worst-case scenario, which has led to paying more than $4 per gallon of gas in Minnesota in recent years, Schipper said.
