One month since gas prices soared: Gas prices begin to lower

10 April 2022

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

It seems like the Triangle finally catching a break. According to GasBuddy.com, there’s been a 30-cent drop in gas prices across the country since last month.

  • The US average is $4.10
  • The state average is $3.86
  • Raleigh’s average is $3.88
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North Carolina State University economist Mike Walden sees lower gas prices because we are close to a major pipeline.

The war in Ukraine impacted oil prices, ultimately affecting gas prices.

Walden says it could also impact travel plans

“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.

This post was originally published on this site

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