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According to research by Ryan Cummings and Neale Mahoney of the Stanford University Institute for Economic Policy Research, even after considering other economic impacts, every time the price of oil increases by 1 dollar, the University of Michigan Consumer Confidence Index in the United States drops by 4.5 points or more. The Chief Cummings of the institute stated, "This roughly means that, for every 1 dollar increase in gas prices, people's perceptions of the economic situation will deteriorate by 5%." Cummings previously served as a full-time economist on the Biden administration's Council of Economic Advisers from 2021-2023, responsible for work related to gasoline policy.