Demand Could Mean Record-High Gas Prices in N.C.
Posted April 26, 2007 7:36 p.m. EDT
Raleigh, N.C. — North Carolina motorists could be paying $3.30 per gallon of gasoline by the peak of the summer-driving season, economists are forecasting.
If so, it would breaking the local record of $3.18 per gallon for regular unleaded gasoline..
Part of the reason, experts say, is because motorists are using more gasoline now than ever before. Higher prices were expected to lower demand, but because more motorists are using more gasoline, it puts pressure on an already tight supply.
"I won't say this is blanket for everyone, but on average, American incomes have gone up enough for many people to afford these higher gas prices," said Mike Walden, an economist at North Carolina State University. "Even though we don't like it, many can afford it.>
Triangle drivers are paying an average of $2. 87 a gallon for regular unleaded gasoline -- a 36-cent increase from a month ago.
Across the country, drivers will burn about 9.5 million barrels of oil a day to drive 8.5 billion miles.