Gas Prices Up In The Triangle

Apr 27, 2018

Gas prices across the Triangle are up 40 cents from a year ago.
Credit Shawn Honnick / flickr, Creative Commons,

Gas prices have jumped to about $2.70 per gallon in the Triangle, and fuel analysts blame high oil prices.

The Organization of Petroleum Exporting Countries, or OPEC, has cut the amount of crude oil it produces. But the U.S. is still exporting crude. American oil inventories have dropped 20 percent.

Petroleum Analyst Patrick de Haan of says U.S. oil production is at its highest since the 1970, which helps some.

“And it would not surprise me if [OPEC] change their tune, in terms of how much oil they'll be producing in the months ahead, as global demand really picks up,” deHaan said. “So, we'll have to watch a few different factors.”

Gas is always a bit pricier once the weather gets nice enough for a proper road trip. But the price at the pump in the Triangle is up 40 cents from a year ago. Still, deHaan said he does not expect gas prices to reach $3 per gallon in the Triangle.

“They may get closer, but I don't quite think we'll get there, unless there is some sort of major event that takes place,” he said.

OPEC meets again in June.