Economist says gas prices won’t fall anytime soon

Iowans should NOT hope to see lower gasoline prices anytime soon, according to one economist. Even though OPEC nations may decide to raise oil production levels today, Creighton University economics professor Ernie Goss says it’ll just bring more moderate price increases, NOT decreases.Dr. Goss says Iowans will likely continue to see gas prices around a dollar-50 a gallon for several more months, no matter what happens at today’s talks in Vienna. Goss says the problems all began several months ago when OPEC nations decided to cut back on oil production.Goss says the ten nations that make up OPEC have something of a monopoly on the world’s richest supply of oil. He suggests oil buying countries get together and put pressure on OPEC to let the market dictate oil prices, not supply. Iowa gas prices hit a dollar-50 for a statewide average last week, the highest ever recorded.