GREENSBORO, N.C. — After dropping for the past few weeks, gas prices across the country are seeing an upward trend once again. The cost of gas in Greensboro jumped 19 cents per gallon in just the last week.
A big question for drivers is why?
Todd McFall is an assistant teaching professor in the department of economics at Wake Forest University. He said the Russia-Ukraine war is still one of the main factors driving up gas prices.
“People are trying to figure out how they can reorganize their life to use less gasoline and yet supply still is tight with Russia not being able to supply like they normally are, like countries not willing to purchase gasoline from Russia in the way that we have in the past,” McFall said.“It will continue to be expensive in the foreseeable future, as long as this conflict in Eastern Europe continues, we'll see expensive gas."
McFall also said gas prices typically go up during the summer travel months. With COVID restrictions loosening and more people feeling comfortable traveling, he said prices will continue to rise.
“Labor markets are red hot and people have money in their pocket and if they're like my family then they haven't been doing a whole lot over the last couple of years,” McFall said. “They might feel a little safer doing that and with that money, they can afford to travel right now and that will keep demand high and it will keep supply tight and those are going to be two things that lead to higher prices.”
McFall suggests folks try their best to look at their personal budget and see where they can save a few bucks here and there to help cover gas costs.