PHILADELPHIA (KYW Newsradio) — People all over the world have been affected by the sharp rise in gas prices due to the Russian invasion of Ukraine. One Philadelphia-based expert looked at the soaring prices and how this compares to the oil crises of the past.
Temple University professor emeritus Fred Murphy worked with the U.S. Energy Information Administration, a branch of the Department of Energy, before he started teaching at the Fox School of Business. He said conflict and rising oil and gas prices go hand in hand.
"Almost all the big oil jumps have been triggered by war," he said. "It's an international market, so whenever the supply is cut off from a large portion of the world, we feel it here."
In the early '70s, it was OPEC banning the sale of oil to the U.S. because of its support of Israel in its war against Egypt and Syria.
Then there was the Iranian Revolution in 1979, followed by the Iran-Iraq war in the 80s. Today, it's the Russian invasion of Ukraine, which Murphy says could keep dragging on because, as he puts it, "The Ukrainians have shown incredible bravery and toughness and the Russians have shown incredible military incompetence."
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There are other lingering issues to deal with as well. "We have inflation going on from the supply chain issues, and this just compounds it," he said.
As for political answers, Murphy is against a gas tax holiday, as that money pays for roads and other necessary services. Instead, he suggested we all need to chip in by cutting back.
"Get back on the buses and subways," he said, "and decrease your driving."
New Jersey is considering another way to help lower prices at the pump:
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