NC economist 'optimistic' gas prices will keep falling

It's been a month since gas prices skyrocketed throughout the country due to repercussions from the Russia-Ukraine war.

On March 11, North Carolina hit the highest recorded gas price in state -- $4.38.

It seems like the Triangle finally catching a break. On Monday, average gas prices continue to decrease, with many local stations in the Raleigh area selling gas priced anywhere between $3.25 and $3.90.

According to GasBuddy.com, there's been a 30-cent drop in gas prices across the country since last month.

Fuel Tracker: Where to find gas in your area

WRAL News has been tracking gas prices since Feb. 24. In the early weeks of the war in Ukraine, oil prices jumped almost 25%.

Prices are decreasing much more slowly than they shot up to reach the record high in March.

Local economist and N.C. State University's Dr. Mike Walden said prices jump quickly when oil prices rise, but gas prices fall slowly as oil prices drop. There is no clear answer for this pattern, but Walden believes collusion among gas station owners and driver reaction plays a part.

"We will sort of normalize it. It has sort of become normal. This is what’s happening in the world and we have to deal with it," Walden said. "I think that will actually have a calming impact on oil prices ,and we could see oil prices go down. Again, eventually that has an effect of sending gas prices down. So I'm cautiously optimistic."

Walden said gas prices should continue to decrease.

“For where are gas prices are going in the next few months, I think they will trend downward,” Walden said. “If I had to give a point estimate, I say we could maybe get close to 3.60 [or] 3.50 [per gallon].”

Although prices are lower now, Walden says they are not low enough for people to feel comfortable just yet. Unless prices continue to drop, we may see less driving this summer.

Adrian Durant said he spends about $50 per week to drive 30 miles for work each day.

"Phew, [it's] a little better than last month," Durant said.

Melissa Rightor is also aware making adjustments to her driving habits due to the high gas prices.

"I actually live in Chapel Hill," Rightor said. "Prices there are more expensive than in Raleigh but I drove down and was paying attention to which gas station had cheaper gas."