RALEIGH, N.C. (WNCN) – It’s hard not to notice the spike in gas prices here in the Triangle but some experts believe we could be on the verge of a brief break at the pump.
Experts with GasBuddy said prices should stabilize soon and we could even see a slight drop in prices but it won’t last for long.
Stephen Arbogast with the UNC Energy Center tells CBS 17 there’s high demand for gasoline and as more countries reopen their economies, the demand will only grow stronger.
“If you get more and more demand for gas products and supply continues to be restrained, you could see $100 a barrel oil, which is going to turn into four dollars at the pump,” Arbogast said.
The big question is what will it take for gas prices to finally come down for good? Some experts say either OPEC will need to release more crude oil or the U.S. will need to consider more fracking.
“In 2019, the United States was the biggest oil producer in the world, producing 13 million barrels a day. That went down to 10 million barrels a day and change in 2020 due to the pandemic,” Arbogast said.
UNC said the U.S. is currently producing around 11 million barrels a day, two million less than we were two years ago.