Moody’s Chief Economist: We Probably Won’t See Lower Oil, Gas Prices ‘Until This Time Next Year’

During a portion of an interview with CBS aired on Monday’s edition of “CBS Evening News,” Moody’s Analytics Chief Economist Mark Zandi predicted that the price of gas and the price of oil will not get lower “until towards the end of the year,” and “probably not until this time next year.” And that high gas prices mean that costs are rising for any goods that have to be shipped, including food at the grocery store.

During a segment on the high price of diesel fuel and high gas prices, Zandi said that there isn’t a rapid fix for high fuel prices. He added, “I mean, the fix here is hopefully, we get more oil supplies. We’re not going to see lower oil prices, lower gasoline prices I think until towards the end of the year, probably not until this time next year.”

He also stated, “Our country runs on diesel.” And “Prices are going up for everything that’s shipped. When you go shopping at the grocery store, the cost of getting that food on the store shelf goes back to the cost of diesel, or think about the UPS or the FedEx or Amazon.”

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