Oil Crisis Looms: UI Energy Historian Warns of Sky-High Prices Through December

A University of Iowa energy historian warns that America is in an oil crisis similar to the one in the 1970s. Tyler Priest, who teaches a course on U.S. Energy Policy, says the current situation is due to global conflicts and production cuts.

Priest points out that oil prices are skyrocketing, with diesel prices rising sharply. He attributes this to the ongoing war in Iran, which has led to increased tensions in the Middle East.

The UI professor notes that a federal windfall profits tax on oil companies was passed by Congress in 1980 but did not generate significant revenue and may have even reduced domestic oil production.

Priest predicts that it could be as late as December before gas prices return to pre-war levels, saying 'oil markets are spooked' and prices are rising rapidly unless there is a diplomatic breakthrough soon.