JACKSONVILLE, N.C. (WNCT) – Some good news coming from the pump: the price of gas has gone down 10 cents a gallon nationwide. That makes the national average about $4.27.
Local officials said this is for a lot of reasons, but one of the main is because of supply and demand. The average price of gas in North Carolina for regular gas is $3.87.
“As far as oil prices are concerned, the oil market has been all over the place from minute to minute, hour to hour, day to day. And gas prices are a direct reflection of that,” AAA spokesperson Tiffany Wright said.
Experts describe the recent back and forth of the prices as a rollercoaster ride.
“The supply-demand dynamics are still pretty strained on, so I don’t see any time we will see the gas price back to say a year ago, which has been pretty steady in kind of a relatively low level,” professor of Economics at East Carolina University, Haiyong Liu said.
And fewer people filling up because of those high prices means the demand is going down, along with the cost at the pump.
“There might have been some people making some cancellations here as far as those long road trips,” expert Evetta Wright said. “So that could have played a factor in us seeing less of a demand than we typically see during the spring travel season. Less demand does play a factor when we talk about our prices at the pump.”
Experts are predicting a busy summer travel season, that could make the demand go back up.
“As people come out of a surging pandemic, and I anticipate there’s going to be a lot of travel, that will put a, you know, more pressure on the demand for fuel, and I think that’s where we typically see a price surge as well,” Liu said.
But as far as overall gas prices for the future are concerned, experts believe the price at the pump will rise again.
“We know we’re probably going to be paying higher prices than we did last year. But the good news is, is that we do think that prices might continue to fall or at least, for the most part, remain stagnant as we head into our summer travel season,” Wright said.
But for one Jacksonville resident, these prices are still pretty high despite the nationwide decrease.
“Truthfully, I really don’t see a difference. I’m just being truthful,” Wright said. “You need the gas and then you could do about it. What you’re gonna do? You gotta pay for it.”