Expert says Triangle gas prices likely to hover around $4/gallon mark
Higher gas prices have been impacting families and consumers for weeks now, following a surge in costs largely brought on by the ongoing Ukraine-Russia conflict.
The AAA gas price outlook shows a slight drop in North Carolina over the last 14 days. Oil prices have fallen to what they were before the conflict, but gas prices haven't followed that pattern.
The average price of gas in Raleigh is about $4.03. However, one Sheetz gas station in Garner had unleaded fuel for $3.45 and $3.75 on Friday morning. Raleigh prices are down about six cents a gallon in the last week, according to Patrick De Haan with Gas Buddy.
Is the plateau in pricing a trend that will continue? Or is another spike on the horizon?
One expert said prices in Raleigh are likely to be around $4 a gallon for the foreseeable future. But things are unpredictable with the Ukraine-Russia situation.
"Unfortunately not a whole lot of good news on the horizon," said De Haan. "I will say if there's some sort of resolution between Russia and Ukraine that certainty could bode well and could eventually lead to some relief. At least for now, that doesn't appear to be the most likely of outcomes."
A chart created by Gasbuddy showed that earlier this month, oil jumped and gas prices followed suit. When oil plummeted, the price of gas plateaued. That’s referred to as the rocket and feather effect.
"The price of oil has jumped all over the map," De Haan said. "We were as high as $135 a barrel, then we went back down to $100, now we're back at about $113."
Some states have discussed implementing a gas tax holiday to give residents some relief. Georgia Gov. Brian Kemp said earlier this month that he plans to work with the General Assembly to suspend their state's gasoline tax through May 31.
"I don’t think we’ll see any downturn anytime soon," said De Haan. "My question is will we see prices swing back up more significantly. For now I don’t see that as likely."
You can find the cheapest prices in your area by using the WRAL Fuel Tracker.
