Nick Loris was quoted in Ethen Kim Lieser’s article for The National Interest about summer gas prices.
“According to Loris, that prediction was a ‘rude wakeup call.‘
‘As the report mentioned, any increase in gas prices results in a reduction in non-gasoline spending. … This has ripple effects throughout the economy that’s going to hurt businesses and families all over the country,’ he continued.
Loris went on to add that Americans’ mindsets could potentially change once gas prices hit either $5 or $5.50 per gallon.“
Read the full article here.