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U of M marketing professor Akshay Rao believes gas prices will rise after Memorial Day due to multiple factors.

U of M expert says gas prices will be up in time for Memorial Day weekend

May 25, 2010

Travel season officially gets underway with Memorial Day weekend, and the price at the pump is top of mind for many Americans. Will the massive Gulf of Mexico oil spill affect the price of a tank of gas? Just how much will gas prices spike this summer? A University of Minnesota marketing professor who can comment on how the summer gas price game will play out it is:

Akshay Rao, professor of marketing, University of Minnesota’s Carlson School of Management

Rao says that in addition to being a serious environmental threat, the Gulf oil spill will likely impact retail gasoline prices. “This disaster may lead to higher gas prices in part because some consumers expect it to,” says Rao. "While prices at the pump will likely rise over the summer months, climbing past $3 a gallon, the reasons for price increases will include summer driving, which in turn will be impacted by expectations about the economy."

To view or embed a YouTube video of Rao talking about what the price of gas will be this summer, visit http://www.youtube.com/watch?v=gKpdaEiNvq0.

Rao's teaching, research and consulting have focused on industries ranging from food and airlines to apparel and the Internet. His research and opinions have been featured in Time, The Boston Globe, The New York Times, The Wall Street Journal, NPR, CNN and other outlets.

To interview Rao, contact Jeff Falk at (612) 626-1720 or jfalk@umn.edu; or Rebecca Monro at (612) 626-7940 or rmonro@umn.edu.

Expert Alert is a service provided by the University News Service. Delivered regularly, Expert Alert is designed to connect university experts to today's breaking news and current events. For an archive and other useful media services, visit www.unews.umn.edu.

Tags: Carlson School of Management

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videoAkshay Rao on summer gas prices (video) 

Akshay Rao on summer gas prices (video)