RALEIGH, N.C. (WNCN) — As you get out and about for the summer, economists say get ready for a surge in gas prices.
It’s because the Saudi Arabian government says it will cut a million barrels per day, starting in July. The energy minister says it’s a step toward propping up the lower crude prices.
N.C. State economics professor Mike Walden says a price change could happen sooner.
“In economics, again, people try to anticipate things so if suppliers know a cut is coming, I think we could see gas prices go up much before July,” Walden said.
Walden said prices could go up 10 to 15 percent but right now, he doesn’t expect prices to hit the highs we saw in 2022.
“I don’t think we’re going back to four dollars a gallon but I certainly think we could be in the mid 3 dollars a gallon, if not closer to $3.75, $3.80,” Walden said.
Prices are already ticking up some, with AAA reporting today’s average statewide price at $3.35 a gallon, up six cents from a week ago. Walden says that’s a normal increase you’d expect to see this time of year as more people start traveling.