Professor Peter Orazem was interviewed by KCCI about gas prices for the story "Iowa gas prices just spiked again and may not come down for some time."
Orazem told KCCI that oil is about $111 a barrel. "That's about three times what it was a year ago. That's a big shock if you're used to paying three dollars a gallon." Orazem said. He also says it may take oil producers a year or more to increase capacity.