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 say this is for a lot of reasons, but one of the main is because of supply and demand.
“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,” said AAA spokesperson Tiffany Wright.
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,” said professor of Economics at ECU, Haiyong Liu.
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. 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,” said Wright.
Experts are predicting a busy summer travel season, which could make the demand goes back up.
“As people come out of a surging pandemic, and I anticipate there’s going to be a lot of travel, and 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,” said Liu.
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,” said Wright.
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,” said Evetta Wright. “You need the gas and then you could do about it. What you’re gonna do? You gotta pay for it.”