Want to know why gas prices are so high? A local economist weighs in.

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GREENVILLE, N.C. (WNCT) — The prices at the pump may seem higher to you and that’s because they’re actually at a seven-year high. Many Americans who have gone to a pump recently, may say that statistic doesn’t seem so shocking.

Gas prices in and around Eastern North Carolina have seen anywhere between a 20-40 cent raise in just the last couple of months.

Dr. Haiyong Liu is a Professor and Chair of Economics at East Carolina University. He says, things like this can happen, especially coming off of the peak of a worldwide pandemic.

“The economy is recovering from the recent, well the ongoing, pandemic. More people are driving on the road as people are kind of slowly getting around again.,” said Dr. Liu.

He mentions that as people begin to look towards travel, it’s causing the demand to rapidly increase.

“If you look at a consumer survey, lots of people are thinking about traveling during the holiday season, now they look at the gas prices and they’re probably having second thoughts about long-distance travel,” said Dr. Liu.

Dr. Liu also explains policymakers can help and that he believes work is being done to get supply chain issues resolved.

Inflation like this not only has effects on travel and leisure but also people’s abilities to run their businesses and make money.

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