Raimi discusses factors in high oil prices

April 6, 2022 CNN

Amid the concerns that high oil prices are driving inflation and hurting Americans—with political consequences—members of Congress are calling on oil companies to work to reduce them. Ford School professor Daniel Raimi says the problems are more multifaceted.

"Low-income Americans are suffering from thee high energy prices. But the finger-pointing we are seeing today in Congress from both sides is shedding more heat than light. Oil prices and gas prices are set by international markets and global forces. And the high prices we are seeing today are caused by market forces and the Russian invasion of Ukraine, not by the oil companies," he told CNN.