Energy prices, particularly the price of oil, soared globally last year. To get gasoline prices under control, President Biden opened the spigot on our national oil reserves. Prices declined, but are beginning to rise again.
Gas prices are up across North Carolina at $3.28 (as of last Friday), rising as much as 17 cents a gallon from a week ago, and 35 cents a gallon from a month ago.
The hike is frustrating drivers across the state, but it’s a trend that’s happening all over the country.
Why the increase? Experts cite rising oil prices, more demand in China, the end of the U.S. dipping into its strategic reserves and more.
We’ll gather some experts to bring us up to speed about the prices at the pump.
GUESTS:
Dr. Peter Schwarz, professor of Economics and Associate, Energy Production and Infrastructure Center (EPIC) at UNC Charlotte
Tiffany Wright, director of Public Affairs, AAA of the Carolinas