The increased price of oil could potentially impact gas prices - WITN

The increased price of oil could potentially impact gas prices

GREENVILLE, N.C. (WITN) - The price of oil is above $94 per barrel for the first time in over a year as stockpiles are shrinking, according to new federal data.

“I’m retired so I’m on a fixed income, so it makes it very nice when prices were low, but now I have to adjust where I’m going, what I’m doing, and how long a drive it’s going to be,” says Greenville resident, Esmeralda Black.

Though North Carolina has seen a drop in gas prices recently, the price of oil could impact gas prices.

Patrick De Haan, Gas Buddy Head of Petroleum Analysis, says “Oil prices have been a bit all over the map here in the last couple of weeks-- falling below $90 last week, going up to almost $94 this week, now we’re back down to about $91 so they’re a little all over the map.”

Though gas prices could be impacted, De Haan also says the time of year can play a part in keeping some relief at the pump. “Even if prices do inch up, the changeover to Winter is providing a little bit of relief that we expect to continue for the next couple of weeks. In addition, the demand for gas decreases during the fall months. Americans don’t get out much as temperatures cool off. That should provide some downward relief as well from now until really the end of the year.”

The relief coming just in time for the holiday season. However, those like Black encourage people to still be mindful of spending ahead of the giving season.

“Winter is coming so I think it goes with the territory. Everything, the heating, everything is going up so we just have to be vigilant and careful,” Black told WITN.

De Haan also says that if things go well-meaning, we don’t see another hurricane ENC and no unexpected refinery outages, we could see gas prices dropping another 10 to 30 cents a gallon.

According to Gas Buddy, the average price in North Carolina is down to about $3.43 a gallon, which is down about 4 cents a gallon compared to last week.

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