CHARLOTTE, N.C. (QUEEN CITY NEWS) – Gas prices across the U.S are continuing to increase.
According to AAA, prices at the pump rose 7.7 cents on average.
“I noticed it on the sign,” Vitas Biotti said.
Commuters that drive by the Quik Trip near the Charlotte Douglas International Airport noticed an alarming change Thursday.
“I was like, ‘Holy crap… am I just seeing things?’ But when I saw the other gas station, I was like, woah, that went up,” Biotti said.
On average, gas prices increased by nearly 5 cents per gallon overnight in Charlotte.
“Typically, we are seeing prices drop at this time of year, but when I look at data from the government, gasoline inventory throughout the United States is pretty low,” said Chief Oil Analyst from the Oil Price Information Service Denton Cinquegrana.
After 99 days of price drops, commuters across the U.S. started to see a gradual increase at the pumps.
The slow uptick took a jump Thursday morning following an announcement by OPEC+. By the end of the month, the world’s oil producers will cut production by two million barrels a day.
“Their concern is, well, obviously, price. They won’t say it, but sure. They want a higher price for their product, but they are really starting to get serious about a recession, and that’s what they are really worried about,” Cinquegrana said.
In Charlotte, price changes varied station-to-station. The Marathon on Wilkinson Boulevard decreased prices by 10 cents. No changes happened overnight at the Shell Gas and Go on South Tryon Street.
That wasn’t the case at Quick Trip on the same road just a few miles away.
“Like literally overnight because it wasn’t like that yesterday because I stopped through here yesterday,” Biotti said.
“Competition in the gasoline industry is externally local. Geographically very, very local. And so when one or two stations have to raise their prices, the others will typically follow,” said UNC-Charlotte economics professor John Connaughton.