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Gas prices spiking: NC gas prices jump 40 cents in a month. Here's why

In Raleigh, the price of gas has increased 18 cents in just one week.
Posted 2023-01-20T10:21:34+00:00 - Updated 2023-01-20T11:00:23+00:00
Gas prices spiking in NC. Here's why

Gas prices are spiking across North Carolina. In less than a month, the average price has jumped 40 cents -- an unexpected increase for this time of year.

In Raleigh, the price of gas has increased 18 cents in just one week.

Last week, gas was about $3.18 per gallon in Raleigh, but AAA's 3 a.m. update on Friday shows the average price of gas in Raleigh is $3.36 -- a rise an expert told WRAL News is highly unusual to see this time of year.

The demand for gas is low as it typically is during colder months. Unfortunately, prices are still taking a turn, and it’s unclear if they will drop again before the spring.

Tiffany Wright, a spokesperson with AAA, said the biggest factor driving the price at the pump is the fact that oil prices have rebounded. Since the fear of an economic recession has eased a little bit, the prices we’re seeing now are in anticipation for a robust demand as we inch closer to spring travel, Wright said.

"The attitudes toward there possibly being a recession ... I think the oil market right now is reacting because demand is relatively low," Wright explained. "They think it's going to bounce back in a big way, and they're anticipating that, so the price of crude oil, unfortunately, has gone up, and that's that's the price at the pump."

Initially, the 2023 gas outlook predicted prices would drop 50 cents in the new year. AAA said that prediction has changed and this remains a very fluid situation.

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